JPMorgan Chase & Co. and its lawyers at Skadden, Arps, Slate, Meagher & Flom have laid down their arms in antitrust litigation accusing a dozen banks of manipulating foreign exchange rates.
Skadden, along with plaintiffs lawyers from Hausfeld LLP and Scott & Scott, signaled in a letter Monday to U.S. District Judge Lorna Schofield in Manhattan that JPMorgan has settled claims that it participated in a scheme to rig foreign exchange rates, such as the benchmark World Markets/Reuters Closing Spot Rates. The terms of the deal weren’t immediately available in public filings, though the letter noted that high-profile mediator Kenneth Feinberg oversaw the settlement talks.
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