While a judge's ruling this week was reported in much of the press as having limited the scope of the civil lawsuit against the remaining non-settling banks, the major portion was retained and the judge said that the "complaint sufficiently pleads both the existence of a conspiracy to fix benchmark rates and bid/ask spreads, and the non-settling defendants’ participation in that conspiracy". So the case proceeds against the remaining banks on US FX transactions, not limited to benchmark fixes, but FX prices in general. Only certain non-US transactions and transactions before December 1, 2007 were dismissed.
The case against the remaining banks (Bank of Tokyo-Mitsubishi, Credit Suisse, Deutsche Bank, Morgan Stanley, RBC Capital Markets, Société Générale and Standard Chartered Bank) will proceed under antitrust laws and the Commodity Exchange Act. Settlements for individual banks that have settled or are awaiting approval for settlement, have ranged between approximately $100 - $400 million. Snark warning - A collective sigh of "we should have settled" was heard from the remaining banks after the ruling.
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