Fideres provided comprehensive consulting expert analysis supporting the CAD$16.8 million multi-bank settlement in Mancinelli v. Royal Bank of Canada (Case No. CV-15-536174-00CP), with Koskie Minsky LLP, Sotos LLP, and Siskinds LLP securing court approval for settlements against four major banks in Canada’s largest foreign exchange manipulation class action.
Fideres conducted detailed econometric analysis of foreign exchange market manipulation patterns from 2003-2013, examining price distortions, bid-ask spread anomalies, and coordination evidence from electronic chat rooms including “The Cartel,” “The Bandits’ Club,” and “The Mafia.” The consulting expert analysis demonstrated how defendants controlling 65% of Canadian FX market trading conspired to fix prices across multiple currency pairs, particularly the high-volume USD/CAD pair, affecting over $1 quadrillion worth of global trades.
The comprehensive market manipulation analysis provided crucial evidentiary support enabling Ontario Superior Court Justice Paul Perell to certify this billion-dollar class action and ultimately secure substantial settlements: RBC (CAD$6.556 million), TD Bank (CAD$4.5 million), Credit Suisse (CAD$5.56 million), and BMO (CAD$250,000). Fideres’s consulting expert work established key precedents for FX manipulation litigation in Canada and demonstrated how sophisticated econometric analysis can uncover systematic market abuse even when conducted through encrypted communications channels.