The plaintiffs brought a motion to approve a settlement with the Bank of Montreal (BMO) defendants in a class action alleging a conspiracy to fix prices in the foreign exchange market.
The settlement amount was $250,000.
The court found that the case against BMO was significantly weaker than against other defendants, as BMO's trading operations accounted for less than 1% of the market and no regulatory findings had been made against it.
The court concluded that the settlement was fair, reasonable, and in the best interests of the class, and approved the settlement agreement.