JPMorgan Wins Dismissal of Forex Manipulation Case

On behalf of JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A., Skadden secured the dismissal of a putative class action arising out of an alleged conspiracy to manipulate the foreign exchange market. The action was brought by a group of investors purporting to be indirect purchasers of foreign exchange instruments and asserting a federal antitrust injunctive claim under the Sherman Act, as well as damages claims arising under the antitrust and consumer protection statutes of eight different states, against 16 of the world’s largest financial institutions. On March 15, Judge Lorna Schofield of the U.S. District Court for the Southern District of New York dismissed the complaint in its entirety.