JP Morgan agrees to pay $100 million to settle a Currency Manipulation Lawsuit in New York
Giambrone, 25 January 2015
Financial service giant JPMorgan Chase & Co. has reached a $100 million settlement to resolve a U.S. antitrust lawsuit that sought damages for the alleged rigging of foreign currency markets, in which investors accused 12 major banks of rigging prices in the $5 trillion-a-day foreign exchange market in the case of In re: Foreign Exchange Benchmark Rates Antitrust Litigation, U.S. District Court, Southern District of New York, No. 13-07789.
JP Morgan will pay about $100 million and settled the case after mediation with Kenneth Feinberg, an American attorney, specializing in mediation and alternative dispute resolution. Bank of America, Citigroup, HSBC, RBS and UBS also settled with regulators in November for an additional $3.3 billion.
The settlement represents a good signal by JP Morgan in addressing its involvement. We hope that other banks will follow the same approach. This settlement will undoubtedly put pressure on the other eleven banks to follow suit and represents the beginning to establish the accountability of these banks engaged in the same trading in Europe, to avoid lengthy and expensive litigation for the victims of this currency manipulation scandal.
Giambrone is currently representing several wealthy investors and institutional organisations in similar forex manipulation lawsuits against all banks involved in the forex trading scandal. 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.
