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Hausfeld Announces Settlement with Bank of America in Foreign Exchange Antitrust Litigation

Related Lawyers: Michael D. Hausfeld, William P. Butterfield, Timothy S. Kearns, Nathaniel C. Giddings, Reena A. Gambhir
Related Practice Areas: Antitrust / Competition, Financial Services and Securities

April 16, 2015 (Washington, DC) — Hausfeld, a global claimants’ law firm dedicated to handling complex litigation, announced today that the plaintiffs in In re Foreign Exchange Benchmark Rates Antitrust Litigation, 13-cv-7789 (S.D.N.Y.) have reached a settlement with Bank of America Corporation and Bank of America, N.A. (“Bank of America”). 

The settlement with Bank of America follows the plaintiffs’ $135 million settlement with UBS, announced March 12, 2015, and the plaintiffs’ $99.5 million settlement with JPMorgan, announced January 30, 2015. Bank of America, UBS, and JPMorgan have all agreed to cooperate with the plaintiffs in their continuing litigation against the nine remaining defendants. Hausfeld serves as co-lead plaintiffs’ counsel with Scott + Scott LLP.

Speaking on the settlement, Michael D. Hausfeld, Chairman at Hausfeld, stated, “Investors in the foreign exchange market that were harmed by Bank of America and the other defendants’ anti-competitive actions can celebrate another win today. This settlement, which is the third announced since January, provides for substantial compensation as well as Bank of America’s agreement to cooperate against the remaining banks.”

The foreign exchange antitrust litigation alleges that Bank of America, along with many of the world’s largest financial institutions, conspired to manipulate prices paid in the $5.3 trillion per day foreign exchange market from 2003 to present. The case is currently pending before Judge Lorna G. Schofield in the Southern District of New York.

Details of the settlement will be announced at a later date.

Hausfeld attorneys working on the case are Michael D. Hausfeld, William P. Butterfield, Reena A. Gambhir, Timothy S. Kearns, and Nathaniel C. Giddings.

About Hausfeld:

Hausfeld is a leading global law firm with offices in Brussels, London, 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.

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