JPMorgan Settles Foreign Exchange Benchmark Related Litigation for $99.5 Mln

JPMorgan has decided to settle litigation with US law firm Scott+Scott related to foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term benchmark manipulations. The major US bank has agreed to pay a total of $99.5 million to settle a potential class action lawsuit.

A number of market participants, including hedge funds, public pension funds and other market participants have filed the case after it became known that JPMorgan was amongst banks participating in the manipulation of foreign exchange fixing rates.

The Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term also calls for JPMorgan to cooperate in providing information to assist in the prosecution of the claims against the remaining defendants. This includes proffers, production of documents, interviews and testimony.

Managing partner of Scott+Scott, David R. Scott, commented, "This crucial first settlement offers victims not just monetary relief, but cooperation from JPMorgan that will support their claims against the remaining eleven major banks that entered into the long-running conspiracy to manipulate the FX market."

The law firm's head of antitrust practice, Christopher M. Burke, added, "This settlement is a significant early victory for the class, especially given the prominence of JPMorgan and their lawyers. We believe it will assist us in prosecuting this matter to a successful conclusion."

The defendants' motion to dismiss was denied by the Court on January 28, 2014. In November 2014, US and European regulators imposed $4.3 billion in civil fines on six of the defendant banks.