JPMorgan, Westpac to Pay $32 Million in Australia Swap Rate Case

JPMorgan Chase & Co. and Westpac Banking Corp. will pay a combined $32 million to resolve antitrust claims over their alleged role in a scheme to rig an Australian benchmark rate used to value financial derivatives, according to a filing Tuesday in a Manhattan federal court.

The pension fund and institutional investors leading the lawsuit disclosed a $25 million deal with Westpac, an Australian bank, in a motion asking the U.S. District Court for the Southern District of New York to conditionally certify the case as a class action for settlement purposes.

The Westpac agreement—the second in the case—will “build ...