Forex-Rigging Settlements Yield $300M for Class Counsel

Class counsel will take home $300 million from settlements over an alleged conspiracy among banks to fix prices in the foreign exchange market, a federal court ruled Nov. 8.

A reasonable baseline for attorneys’ fees for an antitrust class action of this size is 13 percent of the settlement fund, Judge Lorna G. Schofield wrote for the U.S. District Court for the Southern District of New York.

The fund totals $2.3 billion, comprised of 15 settlements approved in August with banks including Bank of America, JP Morgan, and Citibank. The settlement is the third largest antitrust class ...