JPMorgan agrees to pay $15.7 mln to settle spoofing lawsuit

A view of the exterior of the JPMorgan Chase & Co corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File Photoagreed to pay $15.7 million in cash to settle a class action lawsuit by investors who accused the largest U.S. bank of intentionally manipulating prices of U.S. Treasury futures and options.

The settlement disclosed late Wednesday night stemmed from sprawling U.S. government investigations into illegal trading in futures and precious metals markets, known as spoofing. JPMorgan did not admit wrongdoing in agreeing to the settlement, which covers traders in Treasury futures and options from April 2008 to January 2016 and requires approval by a federal judge in Manhattan., including a $436 million criminal fine, to settle U.S. government probes into spoofing in Treasuries and precious metals. The bank also agreed to self-report future violations.

Spoofing is a practice in which traders place orders they intend to cancel, hoping to move prices to benefit their market positions. The Justice Department has employed sophisticated data analysis tools to spot potential spoofing that it could not previously detect. The $15.7 million payout would recover less than one-third of the estimated classwide damages, a court filing shows. Lawyers for the traders plan to seek up to one-third of the settlement, or about $5.2 million, to cover legal fees.More from ReutersSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.

Give a man a gun he can rob a bank. Give a man a bank, he can rob the World 🌎

They make a profit of billions and pay fine in millions. Can retail traders do that please? SECGov SECComplicit

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