US Banking Giant JPMorgan Chase Agrees To Pay $1Bln Over Trade Rigging Charges - Reports

JPMorgan Chase is close to finalizing an agreement with US federal prosecutors to pay $1 billion to settle criminal charges over alleged trade rigging, the Wall Street Journal reported

WASHINGTON (UrduPoint News / Sputnik - 24th September, 2020) JPMorgan Chase is close to finalizing an agreement with US federal prosecutors to pay $1 billion to settle criminal charges over alleged trade rigging, the Wall Street Journal reported.

The deal came after probes into whether the bank manipulated prices for metals and Treasury securities, the report said on Wednesday, citing people familiar with the matter.

The agreement would not put restrictions on the bank's operations, according to the report.

The Justice Department has been cracking down on an illicit practice known as "spoofing," which involves deceitful trading of derivatives, the report added.