JPMorgan to pay $99.5m to settle FX rigging lawsuit

JPMorgan Chase has agreed to pay $99.5 million to settle its portion of an antitrust lawsuit in which investors accuse 12 major banks of rigging prices in the $5.3 trillion-a-day foreign exchange market.

Reuters reports that, made public on Friday night, the settlement is the first in the nationwide litigation and resolved claims over JPMorgan's role in alleged collusion among banks since January 2003 to manipulate the WM/Reuters Closing Spot Rates, known as the Fix.

It followed the New York-based bank's agreements last November to pay roughly $1 billion in civil penalties to resolve related claims by U.S. and European regulators.

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JPMorgan to pay $99.5 mln to resolve currency rigging lawsuit

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