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Judge Wants More Info On Citi's $10M Deal In Forex Rig Suit

Law360, New York (November 15, 2018, 5:30 PM EST) -- A Manhattan federal judge on Thursday rejected a $9.95 million settlement between Citigroup and a proposed class of investors who say it was among a dozen big banks that allowed fraud to go undetected in wholesale foreign exchange markets, saying she needed to know more.

U.S. District Judge Lorna G. Schofield denied a motion for preliminary approval of the settlement based on a lack of information on transactions allegedly rigged by bad actors and captured in the lawsuit, or how much of that the investors believe fell on Citi's shoulders.

The deal, announced in August, would benefit statewide classes of investors...

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New York Southern

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Anti-Trust

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April 28, 2017

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