JPMorgan Can't Get Quick OK For $60M Spoofing Deal

By Rachel Scharf (November 29, 2021, 7:35 PM EST) -- A Manhattan federal judge said Monday that he needs to see more details before signing off on JPMorgan Chase's $60 million settlement with a proposed class of traders allegedly harmed by a yearslong scheme to manipulate precious metals futures contracts.

During a virtual court conference, U.S. District Judge Gregory H. Woods identified a number of potential issues with a proposed deal to end six consolidated investor lawsuits against JPMorgan and three of its former traders. The litigation stems from criminal allegations that the traders placed and later canceled futures orders between 2008 and 2016 to create the false appearance of demand...

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