JP Morgan Pays $99 Million to Avoid Antitrust Class Action
JPMorgan Chase & Co. has agreed to pay investors $99.5 million to get out of an antitrust class action alleging the bank was part of a conspiracy to rig the $5 trillion (daily trading volume) foreign exchange market. According to observers, the giant bank will pay $99 million to pension funds, hedge funds and other investors plus an additional $500,000 to cover the costs of administering a global settlement fund. Most importantly, the bank has agreed to cooperate with investors as they press their cases against the other global banks named in the suit. Talk about way to become ostracized in the banking fraternity.
If you have experienced foreign currency trading losses, contact the experienced securities fraud attorneys at Colling Gilbert Wright & Carter for a free case evaluation.