The plaintiffs brought a motion for an order approving a settlement reached with the defendants Morgan Stanley and Morgan Stanley Canada Limited in a class action alleging a conspiracy to fix prices in the foreign exchange market.
The settlement requires the settling defendants to pay USD$2.3 million and provide cooperation in the ongoing prosecution against the remaining defendants.
The court found the settlement to be fair, reasonable, and in the best interests of the class, noting it was in line with previously approved settlements in the proceeding.
The settlement and the previously approved distribution protocol were approved.
