NEWS & VIEWS
Court Approves Final Municipal Derivative Settlements
U.S. District Judge Victor Marrero granted final approval to settlements with the final remaining defendants in In re: Municipal Derivatives Antitrust Litig., No. 08-cv-02516 (S.D.N.Y.). These latest settlements totalled $100 million, making the total recovery nearly $225 million. In the case, Plaintiffs, bond purchasers, alleged that defendants, including many of the largest banks in the world, such as Morgan Stanley, JPMorgan, Bank of America and UBS, conspired to fix prices in the municipal bond market. SRK was a member of the executive committee in this action, and was heavily involved in discovery throughout the litigation, including the review of a substantial amount of audio recordings. These final Court approvals ended seven years of hard fought litigation.