JPMorgan Agrees To Pay $99.5 Mln To Settle Currency Rigging Lawsuit

(RTTNews) - Scott+Scott, a national law firm, said that it has reached a settlement on behalf of the proposed class in the In re Foreign Exchange Benchmark Rates Antitrust Litigation, pending before Judge Schofield in the Southern District of New York. Scott+Scott attorneys serve as co-lead counsel in the case with Hausfeld LLP.

JPMorgan Chase & Co. (JPM) agreed to pay $99.5 million in settlement and administration funds to market participants, including hedge funds, public pension funds, and other market participants, in settlement of the claims.

The settlement also calls for JPMorgan to cooperate in providing information to assist in the prosecution of the claims against the remaining defendants. This includes proffers, production of documents, interviews, and testimony.

The defendants' motion to dismiss was denied by the Court on January 28, 2014. In November 2014, U.S. and European regulators imposed $4.3 billion in civil fines on six of the defendant banks.