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JPMorgan pays $ 60 million to settle trial on spoofing precious metals



(Reuters) – JPMorgan Chase & Co. agreed to pay $ 60 million to settle a class action lawsuit filed by investors who accused the largest US bank of deliberately manipulating futures and precious metals prices.

The settlement was revealed on Friday.

JPMorgan did not admit wrongdoing in agreeing to the settlement, which includes traders in futures and options on precious metals from March 2008 to August 2016 and demands the approval of a federal judge in Manhattan.

Investors' lawyers called the agreement "in substance" and referred, among other things, to the risks of further litigation.

JPMorgan declined to comment.

Spoofing is where traders place orders they intend to cancel, hoping to move prices to benefit their market positions.

In September 2020, JPMorgan entered into a deferred agreement. prosecution and agreed to pay $ 920 million, including a $ 436 million fine, f to determine the US government's investigations into spoofing in precious metals and government bonds.

In September, the New York-based bank reached a $ 1

5.7 million settlement with investors due to spoofing from the Treasury. , to cover legal fees.


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