JPMorgan Chase Strikes Ice Breaker Settlement In Franc Libor Action
- The plaintiffs that hope it will serve as a potential catalyst for other banks to settle.
JPMorgan has reached a $22 million 'ice breaker' settlement in a class action suit alleging that it, along with other banks, conspired to fix Swiss franc-denominated Libor Libor Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Read this Term interest rates, according to a filing at the New York federal court.
As the first deal to be struck in the case, the plaintiffs hope that it will serve as a potential catalyst for other banks to settle or at least strengthen their positions through verdicts against the remaining defendants.
On Wednesday, lawyers for a group of investors asked a judge to approve the proposed settlement with JPMorgan. As part of the proposed pact, the lender has agreed to cooperate with the plaintiffs by making its trading records, submissions to government investigators and more available to investigations.
In December 2016, Switzerland’s competition commission fined JPMorgan $33 million for operating a cartel with RBS that aimed to influence the Swiss franc Libor benchmark, which is tied to the London interbank offered rate.
Financial watchdogs across the globe have been probing banks’ rigging of Libor and similar benchmarks that are used to indicate interest Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for several financial products. The investigations centred around an alleged plot among major banks to manipulate Libor to benefit their own trading positions.
JPMorgan has reached a $22 million 'ice breaker' settlement in a class action suit alleging that it, along with other banks, conspired to fix Swiss franc-denominated Libor Libor Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Read this Term interest rates, according to a filing at the New York federal court.
As the first deal to be struck in the case, the plaintiffs hope that it will serve as a potential catalyst for other banks to settle or at least strengthen their positions through verdicts against the remaining defendants.
On Wednesday, lawyers for a group of investors asked a judge to approve the proposed settlement with JPMorgan. As part of the proposed pact, the lender has agreed to cooperate with the plaintiffs by making its trading records, submissions to government investigators and more available to investigations.
In December 2016, Switzerland’s competition commission fined JPMorgan $33 million for operating a cartel with RBS that aimed to influence the Swiss franc Libor benchmark, which is tied to the London interbank offered rate.
Financial watchdogs across the globe have been probing banks’ rigging of Libor and similar benchmarks that are used to indicate interest Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for several financial products. The investigations centred around an alleged plot among major banks to manipulate Libor to benefit their own trading positions.