Citi, MUFG Get Preliminary Approval for Forex Rigging Settlement

Citigroup Inc. and MUFG Bank Ltd. have won preliminary approval for their $11 million settlement of claims they participated in a conspiracy by the world’s top banks to rig foreign currency exchange rates.

Judge Lorna Schofield of the U.S. District Court for the Southern District of New York gave the deal a green light July 29, finding its terms fair and reasonable in light of the suit’s relative strength and the risks it presented.

The judge also agreed to certify, for settlement purposes only, several statewide classes of currency buyers who claim they overpaid. Those classes involve plaintiffs based in ...