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"Courts have routinely approved settlements in which a defendant does not admit or even expressly denies liability, exactly because of the benefits that settlements provide".
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Attorney General John Ashcroft said the ruling "will allow the approved settlement to provide certainty and stability in a vital sector of America's economy".
The approved settlement also awarded lawyers' fees of $220 million, plus expenses of $18 million, which Mr. Constantine said was the largest awarded in an antitrust case.
Courts have been approving settlements by government agencies without any admissions of wrongdoing for years".
In many class-action suits, plaintiffs also tend to approve settlements because some money is better than no money, especially if they have financial problems.
The company said in an S.E.C. filing last week that it hoped a judge would approve settlements with shareholders on Wednesday in federal court in Brooklyn.
I think these are very bad settlements that the [9th U.S. Circuit Court of Appeals] will provide guidance for when judges should or shouldn't approve settlements".
According to Frank, he became disillusioned at class action tactics, and the willingness of judges to approve settlements he felt were poor for consumers.
But the country's voters, asked to approve settlement plans in two separate referendums, rejected the proposals.
Bipartisan federal legislation before Congress would require judges to consider public health and safety before sealing court records or approving settlement agreements.
The Securities and Exchange Commission formally approved the settlements with the two banks after preliminary deals that were reached in August.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com