J.P. Morgan settles spoofing lawsuit alleging fraud in metals trades

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J.P. Morgan Chase has quietly settled a long-running lawsuit that had accused the bank of manipulating precious metals markets with “spoofing” trades.

And the bank is set to pay $920 million to resolve government investigations for similar alleged conduct in the precious metals and Treasury futures markets, CNBC has learned.

A penalty of that size would be a record for spoofing, which is the act of placing a buy or sell order with no intention to actually execute the transaction.

The goal of spoofing is to move market prices in a way that financially benefit the trader’s pre-existing positions in

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JPMorgan Chase to pay $920 million to resolve US investigations into trading practices

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JPMorgan Chase CEO Jamie Dimon speaks at the North America’s Building Trades Unions (NABTU) 2019 legislative conference in Washington, April 9, 2019.

Jeenah Moon | Reuters

JPMorgan Chase is set to pay a record $920 million to resolve probes from three U.S. government agencies over its role in the alleged manipulation of global markets for metals and Treasurys.

The figure was released Tuesday by the Commodity Futures Trading Commission in a statement from commissioner Dan Berkovitz. Last week, news reports indicated that the New York-based bank was nearing a settlement of almost $1 billion.

When it is formally announced, the

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Worldwide wearables market to maintain double-digit growth through 2024

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Global shipments of wearable devices are expected to total 396.0 million units in 2020 according to new data from the International Data Corporation. This marks a 14.5% increase from the 345.9 million units shipped in 2019.

Looking ahead, IDC forecasts shipment volume to have a five-year compound annual growth rate (CAGR) of 12.4% and total 637.1 million units in 2024.

H1 2020 delivered positive results despite the impact of COVID-19 on the global economy. Even though vendors scaled down production and end users were quarantined, demand for wearables remained steady. The market was propelled by near-record demand for hearables, which

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‘They hated each other and they blew it’

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Jim Cramer

Scott Mlyn | CNBC

CNBC’s Jim Cramer took aim at the federal government’s failure to pass a second coronavirus stimulus relief bill to aid ailing small businesses on Tuesday. 

“They blew it. They can talk all they want, they blew it,” said Cramer on CNBC’s “Squawk on the Street. “It failed. They hated each other and they blew it.”

Washington has been at a stalemate for weeks over a second Covid-19 relief bill. While the Democratic-held House passed a $3.4 trillion proposal in May, the Trump administration has offered to inject only $1.3 trillion more into efforts to

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