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JPMorganChase to pay $60 million to settle precious metals spoofing lawsuit
By Jonathan Stempel
Friday, November 19, 2021
NEW YORK -- JPMorgan Chase & Co (JPM.N) agreed to pay $60 million to settle class-action litigation by investors who accused the largest U.S. bank of intentionally manipulating prices of precious metals futures and options.
The settlement disclosed today stemmed from sprawling U.S. government investigations into a form of illegal trading in precious metals and U.S. Treasury markets, known as spoofing.
JPMorgan did not admit wrongdoing in agreeing to the settlement, which covers traders in precious metals futures and options from March 2008 to August 2016 and requires approval by a federal judge in Manhattan.
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Lawyers for the investors called the accord "substantively fair," citing among other reasons the risks of continued litigation.
The payout would recover about 7% of the estimated $915 million of classwide damages, the lawyers added.
JPMorgan declined to comment. ...
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