Kehoe Law Firm Announces that the Court Preliminarily Approved a $9,950,000 Partial Settlement with Citigroup in the FX Indirect Purchaser Litigation
Kehoe Law Firm, on behalf of its client, FX Primus Ltd., announced today that the District Court for the Southern District of New York gave preliminary approval to a partial settlement with Citigroup Inc., Citibank, N.A., Citicorp, and Citigroup Global Markets Inc. (collectively, “Citigroup”), partially settling claims in Contant, et al. v. Bank of America Corp., et al., No. 1:17-cv-03139 (LGS) (S.D.N.Y.) and consolidated actions.
Pursuant to terms of the settlement, Citigroup agreed to pay $9,950,000 and provide “reasonable cooperation” in the continued prosecution of the Action against the non-settling defendant banks, as set forth in the Settlement Agreement.
The lawsuit alleges that prominent financial institutions, including Citigroup, Standard Chartered, Société Générale, Bank of America, Barclays, BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, RBC, RBS, and UBS (the “Defendants”), conspired to fix foreign currency (“FX”) instrument prices.
According to Mr. Kehoe, “as we continue to prosecute the action against other defendants, the cooperation secured from Citigroup stands as a formidable tool, empowering us to pursue justice and fair compensation for those who may have been affected by the manipulation of foreign currency instrument prices.”
The court scheduled a final fairness hearing on a future date to be determined by the court. For more information about the case and settlements, please visit the Claims Administrator’s website at: https://www.fxindirectantitrustsettlement.com/
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.