Hausfeld announces final approval of more than $2.3 billion in FX settlements
August 7, 2018 (Washington, DC) — Yesterday, Judge Lorna G. Schofield of the Southern District of New York granted Plaintiffs’ Motion for Final Approval of 15 settlements with the world’s largest banks in In re Foreign Exchange Benchmark Rates Antitrust Litigation, 13-cv-7789 (S.D.N.Y.). The Court also granted Final Approval to the Notice and Plan of Distribution.
The settlements total $2,310,275,000; altogether, the settlements represent one of the largest partial class action settlements ever achieved under the antitrust laws. The Final Judgment Orders resolve litigation against Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, MUFG, RBC, RBS, Société Générale, Standard Chartered, and UBS. Plaintiffs continue to litigate against the sole remaining defendant Credit Suisse.
Michael D. Hausfeld, Chairman of Hausfeld, stated: “These settlements have resulted in an extraordinary outcome for the class, representing one of the largest antitrust settlements in history. The success of the US litigation underscores the severity of misconduct by many of the world’s largest financial institutions that conspired to manipulate prices paid in the foreign exchange market.”
Reena Gambhir, Partner at Hausfeld said: “The Court’s approval of these settlements is a crucial next step toward distributing funds to the settlement classes harmed by this misconduct. With the benefit of cooperation from the 15 settling banks, we continue to vigorously prosecute this case against the remaining defendant, Credit Suisse.”
Claimants can find more information about the Settlements, including copies of the Final Approval Orders, at http://www.fxantitrustsettlement.com.
Hausfeld serves as plaintiffs’ co-lead counsel in the case with Scott + Scott LLP.
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Hausfeld is a leading global law firm with offices in Berlin, Boston, Brussels, Düsseldorf, London, New York, Paris, Philadelphia, San Francisco, and Washington, DC. The firm has a broad range of complex litigation expertise, particularly in antitrust/competition, financial services, sports and entertainment, environmental, mass torts, consumer protection, and human rights matters, often with an international dimension. Hausfeld aims to achieve the best possible results for clients through its practical and commercial approach, avoiding litigation where feasible, yet litigating robustly when necessary. Hausfeld’s extensive experience with alternative and innovative fee models offers clients a diverse menu of engagement options and maximum flexibility in terms of managing their cost exposure.
Hausfeld is the only claimants’ firm to be ranked by the Legal 500 and Chambers & Partners as a top tier firm in private enforcement of antitrust/competition law in both the United States and Europe. For more information about the firm, including recent trial victories and landmark settlements, please visit www.hausfeld.com.