Uphill Battle: Class actions against the world’s biggest banks alleging antitrust violations in manipulating the global foreign exchange market are piling up. If successful, plaintiffs including some public pension funds would be entitled to recover three times their damages. But Reuters reports that a recent court decision dismissing antitrust claims suggests that success is far from guaranteed.
FHFA Settlement: Morgan Stanley agreed to pay $1.25 billion to the Federal Housing Finance Agency to settle claims that it sold shoddy mortgage securities to Fannie Mae and Freddie Mac, The New York Times reports. The largest settlement thus far — for $4 billion — was paid by JPMorgan Chase. Deutsche Bank agreed to pay $1.92 billion in the second-largest settlement. About a dozen more suits are pending.
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