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ARTICLE · 02 JUNE 2020

Ontario Superior Court Narrows Foreign Exchange Class Action

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The plaintiffs commenced a wide-ranging claim against 18 groups of financial institution defendants.

CanadaLitigation, Mediation & Arbitration
Nina Butz
Nina Butz
Alexander Payne
Alexander Payne
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The Ontario Superior Court's recent decision granting certification in a foreign exchange price-fixing class action (Mancinelli v. Royal Bank of Canada, 2020 ONSC 1646) reminds counsel and stakeholders of: (a) the relatively low threshold for class action certification in Ontario, and (b) the Court's significant discretion to narrow or alter a proposed class.

Background

The plaintiffs commenced a wide-ranging claim against 18 groups of financial institution defendants. The plaintiffs alleged that over 11 years the defendants had engaged in a conspiracy to fix prices of currency traded on the foreign exchange market. By the time the court heard the certification motion, 14 of the 18 defendants had settled.

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