JPMorgan is inching closer to the end of a lawsuit concerning the alleged manipulation of the prices of precious metals futures. This becomes clear from a set of documents filed with the New York Southern District Court.

Plaintiffs Dominick Cognata, Melissinos Trading, LLC, Casey Sterk, Kevin Maher, Kenneth Ryan, Robert Charles Class A, L.P., Robert L. Teel, Mark Serri, Yuri Alishaev, Abraham Jeremias, and Morris Jeremias (collectively, “Class Plaintiffs”) move for final approval of a class action settlement with Defendant JPMorgan Chase & Co.

The settlement, which was reached in November 2021, provides for a $60,000,000 cash payment to eligible Class Members impacted by JPMorgan’s manipulation of the prices of Precious Metals Futures traded on the Commodity Exchange Inc. (COMEX) and the New York Mercantile Exchange (NYMEX) and Options on Precious Metals Futures from at least March 1, 2008 through August 31, 2016.

Specifically, Class Plaintiffs alleged that JPMorgan utilized a manipulative technique called “spoofing,” which involved purposefully placing orders with the intent to cancel those orders prior to execution to send false and illegitimate supply and demand signals to an otherwise efficient market.

In granting preliminary approval of the Settlement, the Court found that it would likely be able to approve the Settlement under Rule 23(e)(2). The reaction of the Class to the Settlement so far further supports the bases for finally approving the Settlement.

Since the notice period began on January 10, 2022, Class Notice has been mailed directly to more than 29,251 potential Class Members, and there have been more than 312,990 visits to the Settlement Website, which hosts the Class Notice, Proof of Claim and Release form, and other information about this action. While there are still two weeks until the objection and opt-out deadlines, to date, there are no objections and only one Class Member has requested exclusion from the Settlement.

This is seen as a positive indication from the Class that the Settlement is a favorable resolution of the Class’s claims.

The Class Plaintiffs request that the Court finally approve the Settlement and the Distribution Plan, certify the Settlement Class, and enter the proposed Final Approval Order and Final Judgment dismissing with prejudice the claims against JPMorgan.