In re Foreign Exchange Benchmark Rates Antitrust Litigation

Filing 1704

ORDER AUTHORIZING PAYMENTS FOR SETTLEMENT ADMINISTRATION EXPENSES FROM SETTLEMENT FUNDS: NOW, THEREFORE, IT IS HEREBY ORDERED: 1. All terms in initial capitalization used in this Order shall have the same meanings as set forth in the Settlement Agreements and the Preliminary Approval Orders, unless otherwise defined herein. 2. The Court authorizes Class Counsel to pay up to an additional $3,000,000 (for a total of $39,500,000) from the settlement funds for reasonable Settlement Administration Expenses. 3. Any such expenses in excess of $39,500,000 may be paid from the settlement funds only with the approval of the Court. IT IS SO ORDERED. (Signed by Judge Lorna G. Schofield on 8/1/2022) (ate)

Case 1:13-cv-07789-LGS Document 1704 Filed 08/01/22 Page 1 of 3

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
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IN RE FOREIGN EXCHANGE
: No. 1:13-cv-07789-LGS
BENCHMARK RATES ANTITRUST
:
LITIGATION
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:
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:
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[PROPOSED] ORDER AUTHORIZING PAYMENTS FOR SETTLEMENT
ADMINISTRATION EXPENSES FROM SETTLEMENT FUNDS
WHEREAS, Class Plaintiffs have entered into and executed Stipulations and Agreements of
Settlement that are attached as Exhibits 1 to 9, Exhibits 1 to 5, and Exhibit 1 to the Declarations of
Christopher M. Burke and Michael D. Hausfeld in Support of Class Plaintiffs’ Motions for
Preliminary Approval of Settlement Agreements (ECF Nos. 481, 822, 877) (each a “Settlement
Agreement” and collectively, the “Settlement Agreements”) with Bank of America Corporation,
Bank of America, N.A., and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Bank of
America”); Barclays Bank PLC and Barclays Capital Inc. (“Barclays”); BNP Paribas Group, BNP
Paribas North America Inc., BNP Paribas Securities Corp., and BNP Prime Brokerage, Inc. (“BNP
Paribas”); Citigroup Inc., Citibank, N.A., Citicorp, and Citigroup Global Markets Inc. (“Citigroup”);
The Goldman Sachs Group, Inc. and Goldman, Sachs & Co. (“Goldman Sachs”); HSBC Holdings
PLC, HSBC Bank PLC, HSBC North America Holdings Inc., HSBC Bank USA, N.A., and HSBC
Securities (USA) Inc. (“HSBC”); JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A.
(“JPMorgan”); The Royal Bank of Scotland Group PLC, The Royal Bank of Scotland PLC, and
RBS Securities, Inc. (“RBS”); UBS AG, UBS Group AG, and UBS Securities LLC (“UBS”); Bank
of Tokyo-Mitsubishi UFJ, Ltd. (“BTMU”); Morgan Stanley, Morgan Stanley & Co., LLC, and

Case 1:13-cv-07789-LGS Document 1704 Filed 08/01/22 Page 2 of 3

Morgan Stanley & Co. International plc (“Morgan Stanley”); RBC Capital Markets LLC (“RBC”);
Société Générale (“Soc Gen”); Standard Chartered Bank (“Standard Chartered”); and Deutsche Bank
AG (“Deutsche Bank”) (collectively, the “Settling Defendants” and together with Class Plaintiffs,
the “Settling Parties”);
WHEREAS, on December 15, 2015, September 8, 2017, and September 29, 2017, the Court
entered Orders Preliminarily Approving Settlements, Conditionally Certifying the Settlement
Classes, and Appointing Class Counsel and Class Representatives for the Settlement Classes (ECF
Nos. 536, 866, 882) (“Preliminary Approval Orders”);
WHEREAS, pursuant to the Preliminary Approval Orders, an escrow account has been
established;
WHEREAS, pursuant to the Settlement Agreements, settlement funds have been deposited
into the escrow account;
WHEREAS, in the Preliminary Approval Orders, the Court ordered that all settlement funds
held in the escrow account are considered to be in custodia legis, and shall remain subject to the
jurisdiction of the Court, until such time as such funds shall be distributed pursuant to the Settlement
Agreements and further order(s) of the Court;
WHEREAS, on August 6, 2018, the Court entered orders finally approving each Settlement
Agreement and entering final judgement and dismissal with prejudice as to each Settling Defendant
(ECF Nos. 1096-1110) (“Final Approval Orders”);
WHEREAS, as set out in periodic letters from Class Counsel, including their July 29, 2022
letter, Class Plaintiffs have incurred reasonable Settlement Administration Expenses exceeding the
sum of $36,500,000, which the Court authorized to be paid from the settlement funds;

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Case 1:13-cv-07789-LGS Document 1704 Filed 08/01/22 Page 3 of 3

WHEREAS, on April 8, 2022, the Court ordered that Class Plaintiffs must apply to the Court
to pay from the settlement funds any additional Settlement Administration Expenses exceeding the
sum of $36,500,000 (ECF No. 1672);
NOW, THEREFORE, IT IS HEREBY ORDERED:
1.

All terms in initial capitalization used in this Order shall have the same meanings as

set forth in the Settlement Agreements and the Preliminary Approval Orders, unless otherwise
defined herein.
2.

The Court authorizes Class Counsel to pay up to an additional $3,000,000 (for a total

of $39,500,000) from the settlement funds for reasonable Settlement Administration Expenses.
3.

Any such expenses in excess of $39,500,000 may be paid from the settlement funds

only with the approval of the Court.
IT IS SO ORDERED.
August 1, 2022 ___, 2022
DATED: ____________

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HON. LORNA G. SCHOFIELD
UNITED STATES DISTRICT JUDGE

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