Second Circuit Rejects Goldman Sachs Forex Antitrust Appeal
The appeals court denied a request from Goldman Sachs and Currenex to challenge class certification in a forex rigging lawsuit.
Updated on Oct. 29, 2026 in Banking
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The US Court of Appeals for the Second Circuit has formally denied a request from Goldman Sachs and Currenex to appeal a class certification ruling. The decision allows an antitrust lawsuit alleging a conspiracy to rig foreign exchange auctions to proceed toward trial.
Why it matters
The court's refusal to hear the appeal means the plaintiffs in the antitrust case can continue their collective action against the financial institutions. The case centers on serious allegations of market manipulation within the foreign exchange sector.
The court order, issued under Federal Rule of Civil Procedure 23(f), denied the motion to appeal the class certification. The ongoing litigation involves specific claims that the defendants conspired to rig auctions for foreign exchange transactions.
The players
Goldman Sachs
A prominent global investment banking and financial services firm named as a defendant in the antitrust litigation.
Currenex
An electronic trading platform for foreign exchange that is named as a defendant in the class-action lawsuit.
US Court of Appeals for the Second Circuit
The federal appellate court that maintains jurisdiction over the case and issued the denial of the appeal.
The details
The lawsuit alleges that Goldman Sachs and the electronic trading platform Currenex participated in a conspiracy to rig auctions for foreign exchange. By denying the motion for leave to appeal, the court has effectively allowed the class-action status to stand as established in the lower court.
Timeline
The court issued the formal order denying the appeal on October 29, 2026.
Market Dynamics
The use of Federal Rule of Civil Procedure 23(f) to challenge class certification is a common tactic in high-stakes antitrust litigation. This ruling underscores how appellate courts manage the progression of complex financial class actions, ensuring that core allegations move through the judicial system.
While this decision primarily dictates the procedural path of a major lawsuit, it signals the ongoing regulatory scrutiny facing institutional forex traders. Investors and stakeholders should monitor these legal developments as they could impact the broader compliance environment for foreign exchange markets.
The takeaway
This ruling highlights the difficulty financial institutions face when attempting to halt class-action proceedings at the appellate level. Legal observers should note that the denial keeps the pressure on defendants to address market rigging allegations in open court.
Further reading
For more information on the evolving regulatory landscape, explore the Banking section.
Source note: This article includes information reported by Mlex.
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