This class action involved two motions: approval of three settlements totaling $39.2 million in an FX market price-fixing conspiracy case, and approval of Class Counsel's fees and disbursements.
The court approved the settlements, finding them fair and reasonable given the litigation risks and the stage of the proceedings.
However, the court partially denied Class Counsel's request for $9.8 million in fees, approving only an additional $2 million, citing that the achieved recovery (5 cents on the dollar against a potential $1 billion loss) was respectable but not "very good," and that the claimed litigation risks were somewhat exaggerated given prior regulatory findings and U.S. settlements.
The court emphasized the need for diligence in approving contingency fees in settlements to ensure they are provident for class members, not just counsel.