In an opinion last week, Judge Cote dismissed a proposed class action accusing JP Morgan of charging “secret” markups for foreign exchange transactions. The plaintiff, a Louisiana retirement fund referred to as “LAMPERS,” argued that JP Morgan breached the parties’ contract by charging an undisclosed “fee,” but Judge Cote found that exchange rates are not “fees”: “A fee is a ‘sum paid or charged for a service.’ Merriam-Webster (2013). An exchange rate is ‘the ratio for converting one country’s money into another country’s money.’ Black’s Law Dictionary (9th ed. 2009). These are two distinct concepts . . . .” She also rejected LAMPERS’ claim under the implied duty of good faith:
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