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Morgan ready to pay $1 billion to shut down metals-rigging probes, Bloomberg says
JPMorgan Is Set to Pay $1 Billion in Record Spoofing Penalty
By Benjamin Bain, Tom Schoenberg, and Matt Robinson
Bloomberg News
Wednesday, September 23, 2020
JPMorgan Chase & Co. is poised to pay close to $1 billion to resolve market manipulation investigations by U.S. authorities into its trading of metals futures and Treasury securities, according to three people with knowledge of the matter.
The potential record for a settlement involving alleged spoofing could be announced as soon as this week, said the people who asked not to be named because the details haven't yet been finalized.
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The accord would end probes by the Justice Department, the Commodity Futures Trading Commission, and the Securities and Exchange Commission into whether traders on JPMorgan's precious metals and treasuries desks rigged markets, two of the people said.
A penalty approaching $1 billion would far exceed previous spoofing-related fines. It would also be on par with sanctions in many prior manipulation cases, including some brought several years ago against banks for allegedly rigging benchmark interest rates and foreign exchange markets. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2020-09-23/jpmorgan-is-set-to-pa...
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