JPMorgan Chase will pay $60 million to settle allegations of manipulating precious metal futures and options prices

Reuters reported on November 19 that JPMorgan Chase agreed to pay $60 million to settle a class action lawsuit for investors who accused the largest U.S. bank of deliberately manipulating the price of precious metal futures and options.

JPMorgan chase and co. did not admit wrongdoing in agreeing to the settlement, which involved precious metals futures and options traders between March 2008 and August 2016, and the agreement required approval by a federal judge in Manhattan.

Lawyers representing investors called the agreement "substantially fair," citing one of the reasons for the risk of continued litigation. The reparations will recover about 7 percent of the collective losses of nearly $915 million.

In September 2020, JPMorgan reached an agreement to defer prosecution, agreeing to pay $920 million, including a $436 million criminal fine, to resolve the U.S. government investigation into the deception of precious metals and treasuries. The bank also reached a $15.7 million settlement with investors over "treasury cheating" in September.