WELCOME TO THE BARX LAST LOOK SETTLEMENT WEBSITE
IF YOU SUBMITTED A TRADE OR TRADE INSTRUCTION FOR AN FX INSTRUMENT OVER BARX BETWEEN JUNE 1, 2008 AND APRIL 21, 2016, YOU MAY BE AFFECTED BY A CLASS ACTION SETTLEMENT.
PLEASE READ THIS WEBSITE CAREFULLY, AS THE PROPOSED SETTLEMENT DESCRIBED MAY AFFECT YOUR LEGAL RIGHTS AND PROVIDE YOU POTENTIAL BENEFITS.
A proposed settlement has been reached in the case captioned “Axiom v. Barclays,” Case No. 1:15-cv-9323, which is a class action currently pending in the Southern District of New York. The purpose of this website is to alert you to the Settlement reached with Barclays in a class action lawsuit.
The lawsuit alleges that Barclays used an automated function called “Last Look” that delayed Barclays’ response to trades or trade instructions for FX Instruments submitted over BARX (whether submitted on BARX directly or via an electronic communictions network ("ECN") or other connection to BARX). The lawsuit alleges that Barclays used the Last Look function to hold such trades or trade instructions for a programmed delay period during which Barclays determined whether to accept or reject such trade or trade instruction based on, among other things, whether the market price moved beyond a certain threshold during that delay period. The lawsuit alleges that Barclays’ Last Look practices violated contract law, the implied covenant of good faith and fair dealing, New York General Business Law Section 349, which prohibits unfair, unconscionable, and/or deceptive trade practices, and New York General Business Law Section 350, which prohibits untrue and misleading advertising. Barclays denies the lawsuit has any merit.
The Court has preliminarily approved the Settlement with Barclays. Barclays has agreed to pay $50,000,000 (the “Settlement Fund”) in cash for the benefit of the proposed Settlement Class.
In the Court’s Preliminary Approval Order, dated April 21, 2016, the Court preliminarily certified the Settlement Class to be:
All persons who, between June 1, 2008 and the date of preliminary approval of the settlement (the “Class Period”), submitted a trade or trade instruction for an FX Instrument to Barclays over BARX (whether submitted on BARX or via an ECN or any other connection to BARX) to which Barclays applied Last Look, or as to which Barclays engaged in any other conduct that is the subject of a Released Claim and who were either (i) domiciled in the United States, or (ii) (a) domiciled outside the United States and (b) had such trade or trade instruction routed over a Barclays server in the United States. Specifically excluded from this Class are Barclays and any Platform; the officers, directors, or employees of Barclays or a Platform; any entity in which Barclays or a Platform have a controlling interest; any affiliate, legal representative, heir, or assign of Barclays or a Platform and any person acting on their behalf. Also excluded from this Class are any judicial officer presiding over this action and the members of his/her immediate family and judicial staff, and any juror assigned to this action.
If you are a member of the Settlement Class and do not exclude yourself from the Settlement Class, you may be eligible to share in the Net Settlement Fund. The Court in charge of this case must decide whether to approve the Settlements. Payments will be made if the Court approves the Settlements and, if there are any appeals, after appeals are resolved.
Please see the Class Notice for additional detail. This website will be updated as additional information becomes available. Please check back periodically for important updates regarding the Settlement.
What Are Your Options?
|YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT|
|SUBMIT A CLAIM FORM||The only way to receive your share of the Net Settlement Fund.|
|EXCLUDE YOURSELF||Get no payment. This is the only option that allows you to ever be part of any other lawsuit against Barclays for the legal claims in this case.|
|COMMENT OR OBJECT||Write to the Court about why you do or do not like the Settlement.|
|GO TO THE FINAL FAIRNESS HEARING||Ask to speak in Court at the Final Fairness Hearing. The Fairness Hearing is scheduled for July 18, 2017 at 4:30 p.m., at the United States District Court for the Southern District of New York, Thurgood Marshall United States Courthouse, 40 Foley Square, New York, New York 10007.|
|APPEAR THROUGH AN ATTORNEY||You may enter an appearance through your own counsel at your own expense.|
|DO NOTHING||Get no payment. Give up rights.|
March 30, 2017
Objection and Exclusion Deadline
May 19, 2017
Claim Filing Deadline
July 18, 2017 at 4:30 p.m.
To find out additional details regarding the proposed Settlement, including how to object or exclude yourself from the Settlement, please read the Notice.