Ruling 'Fatal' For Objection To $2B Forex Deal, Court Told

By Bryan Koenig

Law360 (July 12, 2018, 7:02 PM EDT) -- A Second Circuit refusal to revive retirement plan participants' claims accusing banks like Credit Suisse and Deutsche Bank of violating the Employee Retirement Income Security Act by rigging foreign exchange benchmarks fatally undermines an objection by those same plan participants to a $2.3 billion settlement with investors, the investors said Wednesday.

In all, 15 banks have agreed to pay eye-popping amounts to put to bed currency exchange customers’ class claims that they colluded to rig benchmark exchange rates in the forex markets, only for the so-called...

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