Traders would use such names as The Cartel, The Bandits’ Club and The Mafia to swap confidential orders, and set prices through manipulative tactics such as “front running,” “banging the close” and “painting the screen.”
by Jonathan Stempel, Reuters:
JPMorgan Chase & Co has become the first bank to settle a U.S. antitrust lawsuit in which investors accused 12 major banks of rigging prices in the $5 trillion-a-day foreign exchange market.
The largest U.S. bank will pay about $100 million, a person familiar with the matter said. Lawyers for the bank and the investors said a settlement had been reached in a letter filed on Monday with the U.S. District Court in Manhattan.
JPMorgan settled after mediation with Kenneth Feinberg, who also oversees a General Motors Co program to compensate drivers whose vehicles had faulty ignition switches.