Kehoe Law Firm Client FX Primus Ltd. Files Class Action Against Various Financial Institutions Alleging Price Fixing in Foreign Currency Instruments

Kehoe Law Firm client FX Primus Ltd. has filed a class action lawsuit in the United States District Court for the Southern District of New York against several financial institutions. The case alleges that the defendants engaged in a conspiracy to fix prices in the foreign exchange (FX) market, violating various state laws. 

The plaintiffs assert that the defendants participated in a coordinated effort to fix prices of foreign currency instruments, including FX spot transactions, forwards, swaps, futures, options, and other FX-related transactions. The alleged violations spanned across multiple state laws, including the Arizona Antitrust Act, California Cartwright Act, California’s Unfair Competition Law, Florida Deceptive and Unfair Trade Practices Act, Illinois Antitrust Act, Massachusetts Consumer Protection Law, Minnesota Antitrust Law, New York Donnelly Act, and North Carolina Unfair Trade Practice Act. 

John A. Kehoe, Partner at Kehoe Law Firm, expressed support for the allegations, stating, “Plaintiffs have presented compelling allegations of a widespread conspiracy to manipulate FX markets, causing financial harm to investors. Our firm is committed to seeking justice for those who have suffered as a result of these alleged actions.”

According to the plaintiffs, the conspiracy began around December 1, 2007, and involved various tactics, such as fixing FX bid-ask spreads and benchmark FX rates, including the WM/Reuters Fixes and the ECB Fixes. The defendants are accused of using electronic communication, including chat rooms, to coordinate trades, share confidential information, and monitor transactions to ensure compliance with the alleged conspiracy. The complaint also alleges the use of code names, code words, and deliberate misspellings to evade detection. 

For more information about Kehoe Law Firm and its involvement in this matter, please contact John A. Kehoe at [email protected] or call (215) 792-6676.

On May 31, 2017, Judge Beverly Reid O’Connell of the United States District Court, Central District of California, appointed Kehoe Law Firm as co-lead counsel, along with the Gibbs Law Group, in the Nanthealth Securities Litigation pending in the United States District Court for the Central District of California. Judge O’Connell cited the firm’s “significant securities class action litigation experience” and history of achieving “highly favorable settlements for plaintiffs in previous actions.”​

NantHealth had completed its initial public offering of common stock on June 7, 2016, and sold 6,500,000 shares at $14.00 per share. Plaintiffs, which include the Southeastern Pennsylvania Transportation Authority Pension Plan, allege that NantHealth’s founder, Patrick Soon-Shiong, violated federal securities law and artificially inflated NantHealth’s stock price by structuring a purportedly philanthropic donation to the University of Utah such that the University was obligated to pay NantHealth $10 million for research services. Additionally, plaintiffs alleged that NantHealth exaggerated the success of one of its key products, called GPS Cancer. 

STAT published an article on March 6, 2017, alleging that pursuant to the terms of Soon-Shiong’ s donation, the University of Utah was effectively required to spend $10 million on genetics analysis performed by NantHealth, an arrangement which STAT suggested enabled NantHealth to inflate by more than 50 percent the number of test orders it reported to investors in 2016. 

On this news, the company’s stock price fell $1.67, or 23.29%, to close at $5.50 on March 6, 2017, and closed at $4.55 on March 9, 2017. Plaintiffs allege that the stock  price continued to drop as more information came out about both the donation and the viability of GPS Cancer.​

John A. Kehoe, partner at Kehoe Law Firm, said the firm is honored to be appointed lead counsel and that this recognition reflects our firm’s experience and successful record in securities class action litigation. Mr. Kehoe added, “We are committed to uncovering the truth and pursuing justice for plaintiffs, such as the Southeastern Pennsylvania Transportation Authority Pension Plan. This appointment is not just a nod to our past success but a catalyst for us to diligently advocate for fairness and integrity in this legal pursuit.”​

For more information about Kehoe Law Firm and its involvement in this matter, please contact John A. Kehoe at [email protected] or call (215) 792-6676.

Kehoe Law Firm, a leading securities litigation firm, acknowledges the recent development in the ongoing United Development Funding IV securities class action lawsuit. The firm is pleased to announce that a settlement in principle has been reached, as indicated by the Joint Notice of Settlement filed by the Parties in the U.S. District Court for the Northern District of Texas.​

The Joint Notice of Settlement outlines that the Parties have jointly stipulated to extend the time for Plaintiffs to respond to the Motion to Dismiss until two weeks after the Parties jointly notify the Court that the settlement in principle cannot be consummated. This strategic extension allows the Parties the necessary time to finalize the settlement details.​

The case, originally filed on March 8, 2016, alleges violations of the Texas Securities Act. The Parties have been engaged in active settlement discussions, and the recent agreement indicates significant progress toward resolving the matter. As part of the settlement process, the Parties are working on a Memorandum of Understanding (MOU) to document the essential terms of the agreement.​

Michael Yarnoff, a partner at Kehoe Law Firm, expressed optimism about the potential resolution, stating: “We are encouraged by the progress made in reaching a settlement in principle in the UDF IV investor case. Our commitment remains steadfast in advocating for the rights of investors who have been affected. We look forward to working through the judicial process and ultimately obtaining court approval for this settlement, which we believe is in the best interests of the investors involved.”​

Kehoe Law Firm remains committed to ensuring a fair and just resolution for the investors involved in the UDF IV case. The firm will continue to provide updates as the settlement progresses through the judicial process.​

For more information about Kehoe Law Firm and its involvement in this matter, please contact Michael Yarnoff at [email protected] or call (215) 792-6676.