JPMorgan is being sued again for an enormous $3.5 billion

A massive $3.5 billion lawsuit against major banks like JPMorgan(NYSE:JPM) and Citigroup(NYSE:C) over alleged foreign exchange rigging was revived by a London court. The case was initiated by Phillip Evans, a former chair at Britain's Competition Markets Authority, on behalf of thousands of asset managers, pension funds, and financial institutions. Evans brought the case on an opt-out basis, meaning potential claimants will be included in the claim unless they choose to opt out.

Evans's lawyer, Anthony Maton from law firm Hausfeld, said, "This judgment is crucial for all UK businesses, big and small, who suffered losses due to the manipulation of the FX markets."

The basis of Evans' case is findings by the European Commission, which fined banks over $1.1 billion in 2019 for rigging the foreign exchange market between 2007 and 2013. Several major investment banks have already paid over $11 billion in fines to settle regulatory allegations that traders manipulated currency rates for years.

For manipulating the financial markets, JPMorgan has developed a bad reputation.The total fines levied against JPMorgan Chase by US regulators, enforcement bodies, and courts for anti-competitive behavior, securities fraud, and other violations are getting close to the $39 billion mark.

In connection with a joint investigation by the DOJ and SEC, the bank was accused of erasing an astounding 47 million emails. The U.S. Securities and Exchange Commission has fined JPMorgan Chase $4 million.

The emails, which ranged in date from January 1 to April 23, 2018, were deleted from about 8,700 mailboxes in June 2019, including those that belonged to as many as 7,500 workers who frequently interacted with customers.

The largest U.S. bank was required by SEC regulations to keep many of the emails as business records for a three-year period.

The $4 million penalty imposed by the SEC on the banking behemoth will bring the total amount of fines paid by JPMorgan since 2000 for banking, securities, and other violations to $38.995 billion.

That is supported by information from the Violation Tracker, a thorough database of corporate misconduct that was recently updated to reflect the announcement of the new SEC fine.

JPMorgan to pay Jeffrey Epstein victims $290m in lawsuit settlement.

The largest US bank, JPMorgan Chase, received preliminary approval from a US judge for its $290 million settlement with women who claimed late financier Jeffrey Epstein had abused them and that the bank had covered up his sex trafficking.

At a hearing in federal court in Manhattan, US district judge Jed Rakoff gave his approval.
Rakoff declared, "This is a really good settlement."He claimed that the settlement, along with a related $75 million agreement with Deutsche Bank, were "very large settlements" that would compensate Epstein's victims but not fully atone for the wrongdoings they had experienced.

Epstein had accounts with JPMorgan from 1998 until 2013, when the bank closed them.

Jane Doe 1 and other victims claim JPMorgan ignored warning signs of Epstein's abuses and continued to communicate with him after his formal departure.

Last week, attorneys for the victims argued that the proposed all-cash settlement was "fair, adequate, and reasonable" in light of the potential costs of further litigation and JPMorgan's denial of any involvement in Epstein's sex trafficking.

In a statement released this month, JPMorgan said any connections it may have had with Epstein "were a mistake and we regret it."

After Epstein entered a guilty plea to a Florida prostitution charge in 2008 and registered as a sex offender, he continued to be a client of JPMorgan for five years.

While awaiting a sex trafficking trial, Epstein committed suicide in a Manhattan jail cell in August 2019 at the age of 66.