Under the terms of the U.S. settlement, UBS will pay $135 million in cash. UBS will also provide the plaintiffs with substantial cooperation; this cooperation will assist in plaintiffs’ prosecution of the litigation against the remaining defendants. The settlement with UBS comes only weeks after the plaintiffs announced a $99.5 million settlement with JPMorgan and after the court overseeing the litigation denied the defendants’ motion to dismiss. Hausfeld serves as co-lead counsel on behalf of the putative class of plaintiffs with Scott + Scott LLP.
Speaking about the settlement, Michael D. Hausfeld, Chairman at Hausfeld, stated, “The settlement agreement with UBS provides a significant monetary recovery as well as substantial cooperation that will further our efforts to recover damages from financial institutions that we allege consciously manipulated the FX market to the detriment of their customer-clients.”
The foreign exchange antitrust litigation alleges that UBS, along with many of the world’s largest financial institutions, conspired to manipulate the WM/Reuters Closing Spot Rates from 2003 to present. The case is currently pending before Judge Lorna G. Schofield in the Southern District of New York.
UBS AG and UBS Group AG announced settlement details in their annual report issued Friday.
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