JPMorgan Reaches Settlement in Precious Metals Futures Spoofing Case with Class Ac tion Plaintiffs

According to a document filed on November 19, 2021 in the New York  Southern District Court, a class action accusing JPMorgan of violating the Commodity Exchange Act and the common law by manipulating the prices of precious metals futures is about to come to an end.

In the document, plaintiffs requested the Court to issue an order for  preliminary approval of the settlement with JPMorgan Chase & Co.

Class Plaintiffs and JPMorgan have reached an agreement to settle the action in exchange for a $60,000,000 cash payment to be made for the benefit of the Settlement Class and the dismissal of all claims against JPMorgan and the Individual Defendants.

The parties explain that they reached this settlement following months of hard-fought, arm's length negotiations supervised by an experienced mediator, the exchange of substantial amounts of transaction data and other information, extensive presentations on liability and damages, and months of additional negotiations over the specific terms of the Settlement Agreement. 

If the settlement is approved, it will bring to an end an action that was launched in November 2018. The lawsuit alleged JPMorgan violated the CEA and the common law by intentionally manipulating the prices of Precious Metals Futures traded on the Commodity Exchange Inc. (COMEX) and the New York Mercantile Exchange (NYMEX) and Options on Precious Metals Futures from at least March 1, 2008 through August 31, 2016.

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