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Articles tagged by Judge Lorna Schofield

Judge Tosses Axiom Last Look Class Action Against Deutsche A New York judge has thrown out a class action lawsuit led by Axiom Investment Advisors against Deutsche Bank, which claimed the bank abused the practice of last look in its foreign exchange trading. Judge Lorna Schofield threw out two class actions, arguing that neither satisfied the requirements for a successful class action in that different clients had different experiences and there was no common theme of “unjust enrichment”. She also leans repeatedly on the New York Department of Financial Services report into Deutsche, which at one point notes that the bank “as a general matter” appropriately calibrated its last look settings.