JP Morgan settles foreign exchange market antitrust case

February 4, 2015 by

chaseJP Morgan Chase has settled the claims against it in a U.S. antitrust lawsuit for about $100 million.  In the lawsuit, the investors allege that JP Morgan and 11 other major banks rigged prices in the $5 trillion-a-day foreign exchange market.

The settlement must be approved by the court.    

The lawsuit is separate from government criminal and civil probes worldwide into whether banks rigged currency rates to boost profit at the expense of customers and investors.  JPMorgan agreed in November to pay roughly $1.01 billion to resolve such probes by U.S. and European regulators. Five other banks settled for an additional $3.3 billion.

Other defendants include Bank of America Corp., Barclays Plc, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, HSBC Holdings Plc, Morgan Stanley, Royal Bank of Scotland Group Plc, and UBS AG.

According to the lawsuit, the 12 banks held an 84 percent global market share in currency trading, and were counterparties in 98 percent of U.S. spot volume.

The case is In re: Foreign Exchange Benchmark Rates Antitrust Litigation, U.S. District Court, Southern District of New York, No. 13-07789.

Steve Larson
An experienced trial lawyer who handles both hourly and contingent fee cases, Steve has expertise in class actions, consumer cases, antitrust litigation, securities litigation, corporate disputes, intellectual property disputes, unfair competition claims, employment matters, and disputes involving family wealth. Steve regularly represents individuals and businesses in federal and state court and has obtained class-wide recovery in multiple class actions. A veteran practitioner, Steve's clients value his creative approach to resolving complex litigation matters.

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