NEW YORK, Jan. 30, 2015 (GLOBE NEWSWIRE) -- Scott+Scott, a national law firm dedicated to handling complex litigation, announces that it has reached a settlement on behalf of the proposed class in the In re Foreign Exchange Benchmark Rates Antitrust Litigation, pending before Judge Schofield in the Southern District of New York. Scott+Scott attorneys serve as co-lead counsel in the case with Hausfeld LLP.
JPMorgan agreed to pay $99.5 million in settlement and administration funds to market participants, including hedge funds, public pension funds, and other market participants, in settlement of the claims.
The settlement also calls for JPMorgan to cooperate in providing information to assist in the prosecution of the claims against the remaining defendants. This includes proffers, production of documents, interviews, and testimony.
David R. Scott, managing partner of Scott+Scott, commented that "this crucial first settlement offers victims not just monetary relief, but cooperation from JPMorgan that will support their claims against the remaining eleven major banks that entered into the long-running conspiracy to manipulate the FX market." Christopher M. Burke, head of Scott+Scott's antitrust practice group, stated, "this settlement is a significant early victory for the class, especially given the prominence of JPMorgan and their lawyers. We believe it will assist us in prosecuting this matter to a successful conclusion."
The defendants' motion to dismiss was denied by the Court on January 28, 2014. In November 2014, U.S. and European regulators imposed $4.3 billion in civil fines on six of the defendant banks.
Scott+Scott prosecutes high-stakes antitrust cases throughout the United States and continues to achieve successes for its clients.