قالب وردپرس درنا توس
Home / Insurance / JPMorgan agrees to pay $ 15.7 million to redeem counterfeit suit

JPMorgan agrees to pay $ 15.7 million to redeem counterfeit suit



(Reuters) -JPMorgan Chase & Co. agreed to pay $ 15.7 million in cash to settle a class action lawsuit by investors who accused the largest US bank of deliberately manipulating the prices of US Treasury futures and options.

The deal revealed late on Wednesday night stemmed from extensive US government investigations into illegal trading in futures and precious metals markets, so-called spoofing.

JPMorgan did not acknowledge that he committed a crime by agreeing to the settlement, which covers traders in Treasury futures and options from April 2008 to January 2016 and requires the approval of a federal judge in Manhattan.

In September last year, JPMorgan entered into a deferred prosecution agreement and agreed to pay $ 920 million, including a $ 436 million penalty, to settle U.S. government trials for treasury and precious metal counterfeiting. The bank also agreed to self-report future violations.

Spoofing is a practice in which traders place orders that they intend to cancel, hoping to move prices in favor of their market positions. The Ministry of Justice has used sophisticated data analysis tools to detect potential counterfeits that it could not previously detect.

The payment of $ 1

5.7 million would recover less than one-third of the estimated class-wide damages, a court shows. Lawyers for traders plan to seek up to a third of the settlement, or about $ 5.2 million, to cover legal fees.

Catalog


Source link