JPMorgan Chase has reached a 79,897,000 settlement with the European Commission regarding the conduct of two former traders during a one-month period in early 2007 related to Yen LIBOR rates.
The settlement makes no finding that JPMorgan Chase management had any knowledge or involvement in the conduct at issue, or that the traders’ actions had any impact on the firm’s LIBOR submissions or the published LIBOR rates.
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Separately, the European Commission announced today that it intends to continue its investigation of JPMorgan Chase in connection with Euro-interest-rate derivatives referenced to the EURIBOR benchmark rate.
JPMorgan Chase has cooperated fully with the European Commission throughout its investigation and does not believe that the firm engaged in wrongdoing with respect to the EURIBOR benchmark. The company intends to defend itself fully.
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