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Class Certification in Axiom “Last Look” Class Action Denied for Lack of Predominance

There have been a plethora of actions challenging the use of “last look” in the foreign exchange market. Earlier this month, the United States District Court for the Southern District of New York denied class certification for clients of Deutsche Bank who alleged that the bank misused “last look” to accrue additional profits. The Court held that the plaintiffs failed to satisfy the predominance requirement of Federal Rule of Civil Procedure 23(b)(3), finding that it would require individualized proof to determine whether the clients were aware of the practice and whether they were damaged by the practice. Axiom Inv. Advisors, LLC v. Duetsche Bank AG, No. 15 CIV. 9945 (LGS), 2018 WL 4253152 (S.D.N.Y. Sept. 6, 2018).