Kehoe Law Firm proudly announces that today plaintiffs moved for final approval of a $23,600,000 settlement with various Wall Street banks, including entities related to Citigroup, MUFG Bank Ltd., Bank of America Corporation, Barclays Bank PLC, BNP Paribas, Credit Suisse AG, Deutsche Bank AG, Goldman Sachs, HSBC Bank PLC, JPMorgan Chase & Co., Morgan Stanley, RBC Capital Markets, LLC, The Royal Bank of Scotland PLC (now known as NatWest Markets PLC), and UBS AG.

KLF represents FX Primus Ltd. In this action, in which lead counsel spent over 11,427 hours prosecuting the case. Discovery in this case was extensive, involving terabytes of transactional data and hundreds of thousands of pages of interbank chat transcripts from defendants that they produced in a related action. Managing and organizing this data required collaborating with Plaintiffs’ expert economist, Dr. Janet S. Netz, to analyze the contents of the data for each defendant transactional data production and prepare questions to Defendants to ensure that all required data fields were included in the productions and standardized across all Defendant productions. 

Class Counsel also consulted with an industry expert and former FX trader to analyze and identify deficiencies in Defendants’ data productions and to prepare questions to Defendants. He also assisted Class Counsel with interpreting the jargon and code words that dealer bank traders used to conceal their unlawful conduct in the voluminous interbank dealer chat transcripts produced by Defendants. 

While discovery was ongoing, class counsel had extensive settlement negotiations, and reached a tentative settlement with the Citigroup defendants, then with MUFG Bank Ltd., including cash payments and reasonable cooperation in the continued litigation.  Thereafter, the remaining defendants agreed to settle.

We believe the settlements were negotiated at arm’s length, and the relief obtained is fair, reasonable, and adequate. The proposed pro-rata method of allocating the settlement fund amongst the members of the settlement classes ensures that they will be treated equitably relative to each other. The Total Settlement Amount of $23,630,000 is well within the range of reasonableness, especially considering the complexity of the litigation, and the risks of establishing liability, aggregate damages, and class wide impact.

Considering the ongoing Covid-19 pandemic, the Court has scheduled the Final Fairness Hearing to occur telephonically on November 17, 2020, at 11:30 am. 

For more information about Kehoe Law Firm and its involvement in this matter, please contact John A. Kehoe at [email protected] or call (215) 792-6676.