A federal judge has given final approval for settlements totaling $100 million between Plaintiffs alleging price-fixing in the municipal bond industry and six Defendants including Societe Generale, National Westminster Bank, UBS, Natixis Funding Corp., Piper Jaffray & Co. and George K. Baum and Co. Only those Plaintiffs who opted out of the class will continue to litigate in the seven-year-old case. U.S. District Judge Victor Marrero had granted preliminary approval to the settlement in February.
UBS agreed to pay $32 million, Natixis agreed to pay $28.5 million, Societe Generale agreed to pay $25.4 million, Piper agreed to pay $9.8 million, NatWest agreed to pay $3.5 million and GK Baum agreed to pay $1.4 million.
There were no objections to the recent settlements. However, 94 litigants out of a class of potentially 66,000 members have opted out of the settlement. Those Plaintiffs will proceed against the six settling Defendants in the multi-district case. Other opt-outs from previous settlements also remain in the case and will pursue their claims.
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