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Hausfeld Moves for Preliminary Approval of 9 Settlements Totaling More Than $2 Billion in Foreign Exchange Antitrust Litigation

WASHINGTON, Oct. 22, 2015 (GLOBE NEWSWIRE) -- 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, Case No. 13-cv-7789 (S.D.N.Y.), have moved for preliminary approval of settlements with nine banks totaling $2,009,075,000 with Bank of America, Barclays, BNP Paribas, Citi, Goldman Sachs, HSBC, JPMorgan, RBS, and UBS. Hausfeld serves as Co-Lead counsel in the case with Scott + Scott LLP.

The nine settlements range from $104,500,000 to $402,000,000, with each settlement also requiring the settling bank to cooperate with investors in their continuing litigation against the remaining defendants in the case.

Michael D. Hausfeld, chairman of Hausfeld, stated: “These settlements would already represent one of the largest antitrust class action settlements in U.S. history, but they are only the beginning. Investors will reap the benefit of monetary recovery and secure cooperation that will aid in pursuing recoveries against other defendants. Investors around the world should recognize that these settlements in the U.S. address only a small fraction of global transactions.”

Anthony Maton, managing partner of Hausfeld (London) remarked: “Although these settlements will compensate U.S. investors, people domiciled and trading outside the United States must pursue their claims separately. To European and Asian investors that trade trillions of dollars daily, these settlements merely signal the potential breadth and depth of misconduct. Concerted action in London represents the best opportunity for these injured investors to recover the losses they have suffered from the banks’ actions.”

The Foreign Exchange Benchmark Rates Antitrust Litigation alleges that 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 United States District Court for the Southern District of New York.

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

NOTES TO EDITORS

About Hausfeld

Hausfeld is a leading global law firm with offices in Brussels, London, Philadelphia, San Francisco, New York, 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 as a top tier firm in private enforcement of antitrust/competition law in both the United States and the United Kingdom. For more information about the firm, including recent trial victories and landmark settlements, please visit: www.hausfeld.com.

For further information or to arrange interviews, please contact: Deborah Schwartz Media Relations (240) 355-8838 deborah@mediarelationsinc.com

Source: Hausfeld