JP Morgan to pay settlement

Jonathan Stempel
JP MORGAN Chase & Co has become the first bank to settle a US antitrust lawsuit in which investors accused 12 major banks of rigging prices in the $5 trillion-a-day foreign exchange market.

The largest US bank will pay about $100m, a person familiar with the matter said. Lawyers for the bank and the investors said a settlement had been reached in a letter filed yesterday with the US District Court in Manhattan. Yesterday’s settlement requires court approval.