Dennis et al v. JPMorgan Chase & Co. et al, 1:16-cv-06496-LAK-GWG (S.D.N.Y.)

January 13, 2022

On January 13, 2022, Plaintiffs submitted a motion seeking Court approval to send notice to the Class concerning Plaintiffs’ six proposed class action settlements with Defendants Westpac Banking Corporation (“Westpac”), Australia and New Zealand Banking Group Limited (“ANZ”), Commonwealth Bank of Australia (“CBA”), National Australia Bank Limited (“NAB”), JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A. (collectively, “JPMorgan”), and Morgan Stanley and Morgan Stanley Australia Limited (collectively, “Morgan Stanley”).  The proposed settlements provide for cash payments totaling $137,000,000 and further provide for cooperation from the settling defendants as set forth in the settlement agreements.  Plaintiffs’ motion is pending before the Court.  The settlement website is available at


The Class is defined as:

All Persons (including both natural persons and entities) who purchased, acquired, sold, held, traded, or otherwise had any interest in, BBSW-Based Derivatives during January 1, 2003 through August 16, 2016, inclusive.  Excluded from the Settlement Class are the Defendants and any parent, subsidiary, affiliate or agent of any Defendant or any co-conspirator whether or not named as a Defendant, and the United States Government.


Plaintiffs allege that traders at large banks manipulated a key currency benchmark at least as early as January 1, 2003, thereby injuring investors.  This currency benchmark is known as the Australian Bank Bill Swap Reference Rate (“BBSW”). BBSW is a benchmark interest rate intended to represent the observed price of money market instruments traded each Sydney business day.  BBSW is used to price Australian-dollar denominated derivatives traded globally, including swaps, foreign exchange forwards, and futures contracts. The litigation asserts claims on behalf of investors under the Sherman Antitrust Act, the Commodity Exchange Act, and other laws. The Firm is Court appointed Interim Co-Lead Counsel.  For further information, please contact Christopher M. McGrath (