We achieved the denial of class certification in a claim involving retail foreign exchange investors

Davis Polk represents NatWest Group plc (formerly The Royal Bank of Scotland Group plc) and affiliates in several actions relating to the bank’s foreign exchange (FX) market operations.

In a putative retail purchaser class action, on October 2, 2020, the Southern District of New York (SDNY) quashed all of the plaintiffs’ proposed depositions of NatWest employees and ordered that discovery of NatWest proceed only on the documents. On March 18, 2022, the district court denied certification of the retail purchaser class and, on August 22, 2022, the Second Circuit denied the putative retail class plaintiffs’ Rule 23(f) petition for leave to appeal the class certification denial. 

A non-class action filed by various financial institutions remains pending.

The Davis Polk team included partners Paul S. Mishkin and Sheila R. Adams and counsel Maude Paquin.

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