Hausfeld Announces Settlement With JPMorgan for $99.5 Million in Foreign Exchange Antitrust Litigation

WASHINGTON, Feb. 2, 2015 (GLOBE NEWSWIRE) -- Hausfeld, a global claimants' law firm dedicated to handling complex litigation, announces that plaintiffs have reached a $99.5 million settlement with JPMorgan Chase & Co. and JPMorgan Chase Bank N.A. (collectively, "JPMorgan") in In re Foreign Exchange Benchmark Rates Antitrust Litigation, 13-cv-7789 (S.D.N.Y.). In addition to a cash payment of $99.5 million, JPMorgan has agreed to cooperate in the case against the remaining Defendants in the action, where Hausfeld serves as Co-Lead counsel with Scott + Scott LLP on behalf of the plaintiffs. Details of the settlement were announced in preliminary approval papers filed with the Court Friday.

Michael Hausfeld, Chairman at Hausfeld, stated "This settlement agreement, the first in this matter, is the result of extensive negotiations with JPMorgan under the supervision and oversight of Kenneth Feinberg. The settlement provides an excellent financial result as well as extensive cooperation that will help us continue our efforts to pursue recoveries from financial institutions that we allege consciously manipulated FX benchmark rates to the detriment of their customer-clients."

The Forex Antitrust Litigation, which alleges that JPMorgan, along with numerous other major financial institutions, conspired to manipulate the WM/Reuters Closing Spot Rates from 2003 to present, is currently pending before Judge Lorna G. Schofield in the Southern District of New York. Earlier in the week, Judge Schofield denied Defendants' motion to dismiss the complaint with respect to all Defendants, finding that plaintiffs adequately alleged a long-term price-fixing conspiracy with respect to the WM/Reuters rates.

Hausfeld attorneys working on the case are Michael Hausfeld, William Butterfield, Reena Gambhir, Timothy Kearns, and Nathaniel Giddings.

About Hausfeld:

Hausfeld is a leading global law firm with offices in Brussels, London, Philadelphia, San Francisco, and Washington, DC. The firm has a broad range of complex litigation expertise, particularly in antitrust/competition, financial services, sports and entertainment, environmental, mass torts, consumer protection, and human rights matters, often with an international dimension. Hausfeld aims to achieve the best possible results for clients through its practical and commercial approach, avoiding litigation where feasible, yet litigating robustly when necessary. Hausfeld's extensive experience with alternative and innovative fee models offers clients a diverse menu of engagement options and maximum flexibility in terms of managing their cost exposure.

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Source: Hausfeld