U.S. court appoints law firm to lead foreign exchange litigation
By Andrew Longstreth
NEW YORK, Feb 13 (Reuters) - A U.S. federal judge has chosen
a consolidated class action against many of the world's largest
banks alleging manipulation of the roughly $5.3 trillion-a-day
foreign exchange market.
At a hearing on Thursday, U.S. District Judge Lorna
Schofield of Manhattan chose Scott+Scott over three other groups
of plaintiffs' law firms seeking the lead spot.
In class actions, the firm serving as lead counsel is often
responsible for making key decisions in prosecuting a case and
stands to make the most money if a case is successful.
Scott+Scott, which is headquartered in Connecticut and has
offices in New York, Ohio and California, has 33 lawyers,
according to its website.
The other groups of firms seeking the lead counsel position
have more lawyers but Schofield suggested she was concerned
about inefficiencies and the availability of senior lawyers at
those firms to spend on the case.