JPMorgan becomes the first bank to pay for civil lawsuit.
JPMorgan paid out $100Million USD to US Counterparties and other market participants.
Like JPMorgan there are 11 other banks as well to make the settlement within the end of January
They are listed below.
- Bank of America
- BNP Paribas
- Credit Suisse
- Deutsche Bank
- Goldman Sachs
- Morgan Stanley
- Royal Bank of Scotland
JPMorgan became the first of the 12 banks listed above to settle the lawsuit. All of these banks were paying lawsuits because of Forex Market manipulation like currency price rigging.
JPMORGAN CHASE to pay $4.3BN settlement:
JPMorgan has to pay an amount of about $4.3BN settlement with SIX banks. This amount will solves the global probes of Forex manipulation done by JP Morgan Chase.
Lot of investors, hedge funds and public pension funds, filed a lawsuit against these banks for manipulating the forex rates since Jan,2003.
These 12banks together share the 84percent global market share in currency trading. As JPMorgan is the biggest bank in U.S. The settled lawsuit will satisfy the investor, hedge funds who claimed the forex manipulation.