Fannie-Freddie Bond Suit Ends With Approval of $387 Million Deal

Citigroup, Goldman Sachs, JPMorgan, a dozen other top banks, and the plaintiffs that accused them of rigging the $550 billion market for bonds backed by Fannie Mae and Freddie Mac won final approval from a Manhattan federal judge Tuesday for settlements worth $387 million.

Noting that he “already explained in detail” why the agreement was adequate, Judge Jed S. Rakoff “re-adopted” the analysis of his earlier preliminary rulings giving his tentative blessing to the deal, which hands $77 million to the plaintiffs’ attorneys at Scott & Scott Attorneys at Law LLP and Lowey Dannenberg PC.

“Subsequent developments ...