Class Action, Multi-district Litigation
Counsel for a class of bondholders asked a New York federal judge on Monday for an $18.5 million fee award for having negotiated settlements with seven financial giants accused of rigging the London Interbank Offered Rate.
A New York federal judge signed off Monday on a nearly $22 million settlement between five major banks and a class of indirect investors that accused them of manipulating the Libor benchmark.
A Manhattan federal judge on Thursday approved $187 million of settlements between seven megabanks — including Deutsche Bank — and futures traders who say big banks rigged a global rate, but she indicated that a roughly $54 million fee request from plaintiffs' lawyers was too high.
JPMorgan Chase, Bank of America and RBS have agreed to shell out a combined $25.5 million to settle bondholders' claims that they rigged the London Interbank Offered Rate, according to a bid for initial approval of the deal filed in New York federal court Wednesday.
An investor class won initial approval of a $187 million settlement with Deutsche Bank, JPMorgan and five other big banks in New York federal court Monday in multidistrict litigation claiming that the banks rigged the London Interbank Offered Rate benchmark.
One of the investor classes pursuing the massive Libor-rigging litigation has sought preliminary approval for settlement with Societe Generale SA and in so doing disclosed a payout of just over $5 million in New York federal court that will put the class up to $187 million worth of settlements with major banks.
Bank of America and JPMorgan Chase have each struck $1.5 million deals to settle part of a multidistrict class action against financial firms accused of plotting to manipulate Libor, with plaintiffs asking a New York federal judge to accept the agreements.
Investors who've secured nearly $182 million in settlements with big banks over allegations of Libor-rigging told a New York federal judge on Monday that their reworked distribution plan fixes problems the judge previously identified.
The National Credit Union Administration can't be excluded from the investor class bringing antitrust actions against several big banks over alleged Libor rigging because it failed to opt out before the deadline, a New York federal judge ruled Wednesday.
Philadelphia and Citibank got approval for stipulations that would free the financial institution from the city's antitrust claims in two lawsuits lodged in the long-running litigation.