JPMorgan Chase first to settle IPO rigging lawsuit

JPMorgan Chase & Co., one of dozens of banks sued for allegedly rigging IPOs during the Internet boom bull market, has agreed to pay $425 million to settle the case. The deal is likely to pressure other defendants such as Morgan Stanley, Credit Suisse, and Goldman Sachs Group to settle as well. A spokesperson from JPMorgan acknowledged a settlement was reached but still denied the allegations, adding the firm has adequate funds to pay the settlement without impacting financial results.

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