JPMorgan Beats Suit Over Forex Manipulation

Law360, Los Angeles (July 3, 2013, 6:11 PM EDT) -- A New York federal judge on Wednesday tossed a putative class action accusing JPMorgan Chase & Co. of manipulating foreign exchange transactions to enrich itself at the expense of clients, ruling the pension fund bringing the suit failed to plausibly plead a breach of a fiduciary duty by the bank.

In a 44-page ruling, Senior U.S. District Judge Denise Cote also ruled that the Louisiana Municipal Police Employees' Retirement System's claims that it had a reasonable expectation that the bank wouldn't misrepresent the currency trading rates...
To view the full article, register now.