JP Morgan has admitted to no wrongdoing and will be released from all further claims in respect to the scandal that cost the Japanese trading house $2.6bn.
Sumitomo sued JP Morgan, Merrill Lynch, AIG and Credit Lyonnais Rouse in 1999 for $1.7bn, alleging that all four institutions knew or should have known that transactions originated by rogue trader Yasuo Hamanaka were unauthorized.
Merrill Lynch settled two years ago for $275m.
Hamanaka is currently serving a prison term for forgery and fraud.
JP Morgan Pays Over Copper Scandal
Reuters have reported that JP Morgan has agreed to pay over $125m to Sumitomo Corporation in order to settle a law suit brought against it in connection with unauthorized copper deals executed by a former head copper trader at Sumitomo.
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