The plaintiffs brought a motion for approval of a $5.47 million 'ice breaker' settlement with the Deutsche Bank defendants in two proposed class actions alleging price-fixing in the international gold and silver markets.
The court approved the settlement, finding it fair and reasonable despite the $1 billion damages claim, because the settlement amount was consistent with parallel U.S. settlements and the non-monetary cooperation from Deutsche Bank was of inestimable value.
The court also approved class counsel's request for an interim fee award of a 25% contingency fee plus disbursements, noting that such awards promote early settlement and lessen the financial burden on class counsel in complex conspiracy cases.
