JPMorgan Sued Over Alleged Forex Manipulation

Law360, New York (August 31, 2012, 1:52 PM EDT) -- A pension fund alleged Thursday in a putative class action filed in New York that JPMorgan Chase & Co. manipulated foreign exchange transactions to enrich itself at the expense of clients, dragging the bank into the widening forex scandal.

JPMorgan routinely charged pension funds the worst possible forex rates when processing transactions on their behalf, even when it obtained better rates itself, the Louisiana Municipal Police Employees' Retirement System's complaint claims.

The scheme let the bank make hundreds of millions of dollars on the spread at...
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