Forex Trading And Reporting Requirements: Toronto Attorney Assistance

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Seven major banks accused of rigging foreign exchange rates have asked a federal judge in Manhattan to grant them summary judgment on their claims.

Forex Trading And Reporting Requirements: Toronto Attorney Assistance

The banks, including JPMorgan, Barclays, Bank of America, UBS, Citibank, Royal Bank of Scotland and HSBC, argued that none of the four consumers behind the allegations could prove they were harmed by the alleged wrongdoing.

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Consumer groups claim banks “manipulate certain foreign currency spot market benchmarks,” causing them to have to pay “supracompetitive exchange rates when they buy and receive physical euros” at their retail bank branches.

In its filing last week, the financial institution argued that none of the consumers behind the forex class action lawsuit demonstrated that they purchased euros, the currency it claims was affected by the scandal.

The bank argued that without having proof of euro purchases, consumers would be unable to prevail on any claims that they violated federal antitrust laws with their alleged actions.

Furthermore, the banks claimed that the facts showed that they did not “use allegedly manipulated spot market benchmarks” to “set their retail exchange rates for the euro at their retail bank branches in the United States.”

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“This court should grant summary judgment to the defendants and dismiss this case because none of the plaintiffs can prove that the defendants’ alleged actions caused them to suffer harm, a critical element of their antitrust claims,” the banks said in their motion for summary judgment.

Consumers filed suit against the banks in 2015, a day after five banks reached a deal with the U.S. Department of Justice to pay $5.6 billion to end claims that they had manipulated global foreign exchange markets, Law360 reported.

In April, the Competition Appeal Court in London ruled that allegations that big banks rigged foreign exchange rates could not proceed as a class action lawsuit like the United States.

Do you believe big banks rig foreign exchange rates? Let us know in the comments!

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Plaintiffs are represented by Lingel Hart Winters of Lingel H. Winters PC; Christopher A. Nedeau of the Nedeau Law Firm; Joseph M. Alioto Sr. from Alioto Law Firm; Lawrence Papale of the Law Offices of Lawrence G. Papale; and Theresa Driscoll Moore of the Law Offices of Theresa D. Moore PC.

The big bank forex class action lawsuit is Nypl, et al. v. JPMorgan Chase & Co., et al, Case No. 1:15-cv-09300, in U.S. District Court. for the Southern District of New York.

Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source reporting on class action lawsuits, class action settlements, drug injury lawsuits, and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you about the status of any class action settlement claim. You should contact the settlement administrator or your attorney for any updates regarding the status of your claim, the claim form, or questions about when payment is expected to be sent. Bankrupt crypto exchange FTX has recovered more than $7.3 billion in cash and liquid crypto assets, an increase of more than $800 million since January, the company’s lawyers said Wednesday at a U.S. bankruptcy court hearing in Delaware.

FTX attorney Andy Dietderich said the company is starting to think about its future after months of trying to gather resources and figure out what went wrong under the leadership of indicted former founder Sam Bankman-Fried. Bankman-Fried has pleaded not guilty.

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FTX has benefited from the recent rise in crypto prices, Dietderich said. Its full recovery would be worth $6.2 billion based on crypto prices from November 2022, when it filed for bankruptcy after traders withdrew $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal.

FTX’s new CEO John Ray has detailed inappropriate fund transfers and poor accounting at the collapsed crypto exchange, describing it as a “total failure” in controls.

Looking to the future, FTX is negotiating with stakeholders about options for restarting its crypto exchange, and will probably make a decision on that in the current quarter, Dietderich said.

He provided few details about what the reboot would mean for FTX customers whose crypto savings had been locked up during the bankruptcy case.

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So far, FTX customers in Japan are the only ones who have been able to withdraw any funds so far, due to the country’s relatively strong crypto regulations, Dietderich said.

FTX would need substantial capital to restart its crypto exchange, as the existing customer interface has little connection to the movement of money behind the scenes, the lawyer said.

It’s unclear whether FTX should use its own funds to restart the exchange, rather than using the money to pay back customers, Dietderich said. Restarting an exchange may require outside funding or the sale of exchange assets.

FTX is also working on a preliminary Chapter 11 plan that would offer the company a path out of bankruptcy, Dietderich said.

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FTX intends to submit the plan in July, but FTX acknowledged that many details need to be worked out as creditors fight for their share of the company’s assets. FTX does not expect any Chapter 11 plans to be approved before the second quarter of 2024.

Bankman-Fried and several company insiders have been indicted on fraud charges for their roles in the company’s collapse. In contrast to Bankman-Fried’s plea of ​​innocence, former members of her inner circle have admitted guilt and agreed to cooperate with prosecutors. On November 15, 2021, United States President Biden signed the US$1.2 trillion Infrastructure Investment and Jobs Act into law. The law includes tax information reporting provisions that would apply to “digital assets.” This enactment is the first time Congress has specifically addressed digital asset transactions in the Internal Revenue Code (Code) and will impact digital asset transactions in two major ways.

First, the act amends Section 6045 of the Code to expand the definition of “broker” responsible for reporting information on IRS Form 1099-B to include transactions in digital assets. The new definition includes “any person who is (for consideration) responsible for regularly providing any service that carries out the transfer of digital assets on behalf of another person.” The term “digital asset” is defined as “[e]xless otherwise specified by the Secretary….any digital representation of value recorded on a cryptographically secured distributed ledger or any similar technology as determined by the Secretary.” The provisions in the law are revenue-enhancing measures designed to ensure digital asset reporting requirements are no different from those of stocks, bonds and other traditional investments for “yield” and “basis” reporting purposes, which are used to determine taxable gains. and losses.

But critics, including industry players and a number of senators, worry that the broad definition of “broker” referred to in the law is too broad and could include undesirable entities such as validators, stakeholders, software protocol developers, miners and sellers. . hardware or software wallet. This can create impossible reporting obligations on these newly designated “broker” entities because they often do not have all the information necessary to satisfy 1099-B reporting requirements (i.e. the names and addresses of each of their customers, including details regarding gross income) results, cost basis and other information the IRS may require with respect to the business).

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The decentralized nature of digital assets makes it difficult to apply traditional reporting requirements to these assets. The Treasury Department reserves the right to issue guidance and enforce expansion of the definition of “broker” in a reasonable and appropriate manner.

Second, the legislation would expand Code § 6050I to cover digital assets. Current § 6050I reporting requirements require that individuals who receive cash or cash equivalents in excess of US$10,000 file an information return with the IRS within 15 days of receipt that includes the sender’s personal details, including name, address, and Social Security. number. The law will now treat “digital assets” as cash or cash equivalents. This would require, in various scenarios, “any person” who receives more than US$10,000 in digital assets, in a single transaction or two or more related transactions, to comply with the reporting requirements of § 6050I. Failure to report such personal details is considered a criminal offense resulting in mandatory fines and imprisonment of up to five years.

“Digital assets” for purposes of § 6050l are defined by reference to § 6045 of the Code—generally, any digital representation of value on a distributed ledger. While cryptocurrencies like bitcoin and ether certainly fall under that definition, non-fungible tokens (NFTs) do too. It is possible that an exchange of US$10,001 worth of bitcoin for US$10,001 worth of NFTs could trigger reporting obligations for both parties to report the details.

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