July 12, 2024
A New York federal judge has granted the first green light to a $46 million settlement in long-running multidistrict litigation over an alleged plot by several major U.S. and European banks, including Bank of America, JPMorgan Chase & Co. and Deutsche Bank AG, to limit market competition over interest rate swaps.
U.S. District Judge J. Paul Oetken issued an order Thursday granting preliminary approval to the deal and certifying a class of all individuals and entities who directly, or through an agent, entered into one or more Internal Revenue Service transactions with any of the defendants between Jan. 1, 2008, and June 10, 2024.
Judge Oetken also named Quinn Emanuel Urquhart & Sullivan LLP and Cohen Milstein Sellers & Toll PLLC as class counsel, along with the Public School Teachers’ Pension and Retirement Fund of Chicago and the Los Angeles County Employees Retirement Association as class representatives.
The plaintiffs told the court last month that a deal has been reached, bringing the total value of settlements reached in the action to $71 million.
Read BofA, Goldman Get First OK For $46M Deal In Rate-Swap Suit.