JPMorgan Chase became the first bank to settle civil lawsuits claiming damages for the alleged manipulation of foreign currency markets, which could put pressure on other groups to follow suit.
JPMorgan agreed to pay about $100m in lawsuits brought by US counterparties, market participants and others who say they were harmed by alleged efforts to rig the foreign exchange markets, according to people familiar with the case.
The settlement, which was revealed in a legal filing on Monday and still needs court approval, marks an unusually quick resolution for the civil lawsuits and reflects JPMorgan’s desire to put the matter quickly behind it, the people said.
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