JPMorgan To Pay $99.5M To Escape FX Rigging Class Action
Law360, New York (January 30, 2015, 8:33 PM EST) -- JPMorgan Chase & Co. will pay $99.5 million to exit an antitrust class action alleging the bank was part of a conspiracy to rig the approximately $5 trillion-per-day foreign exchange market, according to court documents filed Friday.
JPMorgan will pay $99 million to a group of pension funds, hedge funds and other investors plus $500,000 for administering the settlement fund under the deal and, crucially, has agreed to cooperate with investors as they press their case against other global banks named in the suit.
“This crucial first settlement offers victims not just monetary relief, but cooperation from JPMorgan that will support...
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