On a day when five of the world’s largest banks pleaded guilty to federal charges and agreed to pay more than $2.5 billion for manipulating foreign exchange rates, private lawyers leading an investor lawsuit over similar claims made waves of their own. Hausfeld and Scott & Scott announced Wednesday that Citigroup Inc. agreed to pay $394 million to resolve an antitrust class action alleging widespread misconduct in the $5 trillion-a-day forex market. (Our affiliate the National Law Journal has more details on the U.S. Department of Justice criminal settlements.)
With the private settlement, which Citi acknowledged in a securities filing, the bank becomes the fourth major financial institution to agree to settle a lawsuit spearheaded by Hausfeld name partner Michael Hausfeld and Scott & Scott’s Christopher Burke. The Citi deal brings the total settlement value in the private antitrust actions above $800 million, plaintiffs lawyers said Wednesday. The deal must be approved by U.S. District Judge Lorna Schofield in Manhattan.
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