JP Morgan forex deals puts GCs at other banks under pressure
Other banks could feel themselves under greater pressure to settle with regulators now that JP Morgan has become the first - through a deal worth US$100m - to settle the civil lawsuits against it.
The agreement relates to lawsuits brought by US counterparties, market participants and others who say they suffered harm as a result of the rigging of foreign exchange markets, according to people familiar with the case. The settlement was filed on Monday and needs court approval before it can be implemented.
Eleven other banks are involved in the litigation - including Bank of America, Barclays, UBS, Morgan Stanley, Credit Suisse, Deutsche Bank, Citigroup, Royal Bank of Scotland and HSBC. Source: Financial Times