JPMorgan has settled an antitrust lawsuit with US over its alleged role in manipulating the foreign exchange benchmark rates
Under the settlement, JPMorgan has agreed to pay about $100m to settle the case, according to a letter filed with the US District Court in Manhattan.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The settlement, which requires court approval, will be filed in court documents by the end of January.
In November last year, JPMorgan agreed to pay $1.01bn to settle such probes by regulators in the US and Europe.
The other eleven banks accused in the case are Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse Group, Deutsche Bank, Goldman Sachs Group, HSBC Holdings, Morgan Stanley, Royal Bank of Scotland Group and UBS.
"The settlement is a responsible step by Chase in addressing its involvement in the forex trading. It is a beginning with respect to the accountability of other banks engaged in the same trading,” Michael Hausfeld, a lawyer for the investors, told Reuters.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
