JPMorgan To Pay Treasury Futures Investors $16M For Spoofs
By Rachel Scharf (September 23, 2021, 6:31 PM EDT) -- JPMorgan Chase and a proposed class of investors have reached a $15.7 million settlement over allegations of harm from a yearslong scheme by the bank's traders to manipulate the U.S. Treasury futures market.
The motion for preliminary approval filed Wednesday in a Manhattan federal court called the settlement an "excellent result" for the proposed class.
The deal follows JPMorgan's $920 million criminal settlement with the U.S. Department of Justice in September 2020, in which the bank admitted that traders on its precious metals and U.S. Treasuries desks placed and later canceled futures orders between 2008 and 2016 to create the false...
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