The settlement covers anyone who bought JPMorgan stock from April 13 to May 21, 2012, a time when JPMorgan's share price fell by roughly one-quarter and wiped out more than $40 billion of market value. JPMorgan Chase has agreed to pay $150m to settle a lawsuit stemming from the "London Whale" scandal. The bank admitted in 2012 that it had sold derivatives based on bets made by its traders against other banks and countries. The Ohio Public Employees Retirement Systems said it lost about $2.5m as a result of the incident. JPMorgan, which did not admit wrongdoing as it settled, declined to comment; it had reserved for the settlement earlier this year. So far, JPMorgan has paid over $1bn to settle US and UK probes into London Whale losses.
JPMorgan Chase has agreed to pay $150m to settle a lawsuit stemming from the "London Whale" scandal. The bank admitted in 2012 that it had sold derivatives based on bets made by its traders against other banks and countries. The Ohio Public Employees Retirement Systems said it lost about $2.5m as a result of the incident. JPMorgan, which did not admit wrongdoing as it settled, declined to comment; it had reserved for the settlement earlier this year. So far, JPMorgan has paid over $1bn to settle US and UK probes into London Whale losses.