Judge OKs $187M Libor Deals But Calls $54M Atty Fee 'High'

Law360, New York (September 17, 2020, 5:20 PM EDT) -- A Manhattan federal judge on Thursday approved $187 million of settlements between seven megabanks — including Deutsche Bank — and futures traders who say big banks rigged a global rate, but she indicated that a roughly $54 million fee request from plaintiffs' lawyers was too high.

U.S. District Judge Naomi Reice Buchwald said the fee request from Lovell Stewart Halebian Jacobson LLP and Kirby McInerney LLP, which helmed the litigation on behalf of a settlement class led by trading firms including Metzler Asset Management and Atlantic Trading USA, was "high" and seemed to represent inefficiencies.

Investors who dealt in Eurodollars futures or...

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