JPMorgan Chase & Co., the nation’s third-largest bank, has agreed in principle to pay $425 million to settle lawsuits accusing the institution — and dozens of other Wall Street underwriters — of manipulating the market for initial public offerings of stock.
Melvyn I. Weiss, partner in the New York-based law firm Milberg, Weiss, Bershad & Schulman LLP, told The Associated Press that a “memo of understanding” had been signed on Wednesday in the case, which is pending in U.S. District Court in Manhattan.
