On Thursday government law enforcement agencies led by the U.S. Department of Justice announced a $714 million settlement with The Bank of New York Mellon for overcharging customers on foreign currency exchanges. One official who touted the settlement was Ohio Attorney General Mike DeWine, who had spearheaded a class action by two Ohio public pension funds on behalf of a class of banking customers. That class stands to get the biggest chunk of Thursday’s settlement—$335 million—pending approval by Manhattan U.S. District Judge Lewis Kaplan.
DeWine called the settlement “an extraordinary outcome to litigation that was extremely hard-fought for more than four years.” But the AG’s statement didn’t mention that much of that fighting was done by two outside plaintiffs firms, including Lieff Cabraser Heimann & Bernstein, that stand to earn as much as $43 million from the case.
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