Citibank Fights Objectors To $2B Forex Settlement

Law360, New York (May 10, 2016, 2:05 PM EDT) -- Citibank NA urged a New York federal court Monday to reject two settlement class members' bid to modify a $2 billion deal over alleged foreign exchange market manipulation, arguing the settlement properly releases claims involving undisclosed transaction charges.

In a letter to U.S. District Judge Lorna G. Schofield, Citibank said that an objection filed by traders Eduardo and Gervasio Negrete in April improperly seeks to exclude claims related to undisclosed markups the bank charged for transactions. Not only are the claims appropriately covered by the forex manipulation settlement, but also the objection has come too early, Citibank said.

“The class plaintiffs...

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