Class action plaintiffs have reached another settlement in litigation including banks of manipulating the $5 trillion-a-day foreign exchange market, inking a $135 million deal with UBS AG to resolve their antitrust claims.
Lawyers at Hausfeld LLP and Scott & Scott, the firms spearheading the proposed class action, announced the UBS settlement on Friday. The agreement, which is subject to approval from a Manhattan federal judge, would resolve allegations that top UBS traders took part in a more than decade-long scheme to rig the forex market. UBS is represented by Gibson, Dunn & Crutcher.
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