We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Ruling 'Fatal' For Objection To $2B Forex Deal, Court Told

Law360 (July 12, 2018, 7:02 PM EDT) -- A Second Circuit refusal to revive retirement plan participants' claims accusing banks like Credit Suisse and Deutsche Bank of violating the Employee Retirement Income Security Act by rigging foreign exchange benchmarks fatally undermines an objection by those same plan participants to a $2.3 billion settlement with investors, the investors said Wednesday.

In all, 15 banks have agreed to pay eye-popping amounts to put to bed currency exchange customers' class claims that they colluded to rig benchmark exchange rates in the forex markets, only for the so-called...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.