JPMorgan settles currency price rigging lawsuit in U.S.

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JPMorgan settles currency price rigging lawsuit in U.S.

JPMorgan settles currency price rigging lawsuit in U.S.

Another day, another settlement.


Financial Times-

JPMorgan Chase & Co has become the first bank to settle a U.S. antitrust lawsuit in which investors accused 12 major banks of rigging prices in the $5 trillion-a-day foreign exchange market.

The settlement was disclosed in a letter filed on Monday with the U.S. District Court in Manhattan from lawyers for JPMorgan, the largest U.S. bank, and investors. Terms were not revealed. Settlement papers are to be filed with the court this month.

The accord requires court approval, and was reached after mediation with Kenneth Feinberg, who also oversees a General Motors Co program to compensate drivers whose vehicles had faulty ignition switches.

The 2013 lawsuit is separate from criminal and civil probes worldwide into whether banks rigged currency rates to boost profit at the expense of customers and investors. JPMorgan was among six banks that in November reached $4.3 billion of settlements with U.S. and European regulators.

[FINANCIAL TIMES]

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