NEW YORK, March 13, 2015 (GLOBE NEWSWIRE) -- Scott+Scott, Attorneys at Law, LLP, a national law firm dedicated to handling complex litigation, announces that it has reached a settlement with UBS AG, UBS Group AG, and UBS Securities LLC on behalf of a proposed class in In re Foreign Exchange Benchmark Rates Antitrust Litigation. Under the terms of the agreement, UBS will pay $135 million to settle U.S.-based claims and will provide cooperation to the plaintiffs.
This is the second settlement reached in the action. A prior settlement with JPMorgan Chase & Co. and JPM Chase Bank, N.A. for $99.5 million was reached in January and filed with the court on January 30, 2015, and likewise required cooperation. The case is pending in the United States District Court for the Southern District of New York. Scott+Scott serves as co-lead counsel for the class with Hausfeld LLP.
David R. Scott, managing partner of Scott+Scott, commented that, "We are very pleased with this settlement. The class will not only obtain a substantial sum for their losses, but it will also receive unique and valuable cooperation from UBS, as it has from JPM. This also builds momentum toward further settlements while improving our litigation posture vis a vis the remaining Defendants."
Scott+Scott and Hausfeld will file a motion for preliminary approval of the UBS settlement, which will contain additional details and the proposed settlement.
Scott+Scott prosecutes high-stakes antitrust cases throughout the United States and continues to achieve successes for its clients.