US bank JP Morgan has owned up, via an "ice breaker" settlement in a class action before US courts, to being among banks that engaged in malpractice in rate setting in the bank bill swap market in Australia early this decade.JPMorgan agreed to pay US$7 million "and provide potentially valuable documentary and other non-monetary cooperation" in connection with claims brought against a host of global and Australian banks.A trio of US hedge funds and derivatives trader Richard Dennis were the lead plaintiffs in an action commenced in August 2016 in the US District Court in New York.Dennis is now the sole plaintiff, following a recent court ruling that the three funds lack standing as they are being wound down in the normal course of business.In a further twist, US District Judge Lewis Kaplan ruled a couple of weeks ago that the claim could now only be advanced against Morgan Stanley.This strikes out 14 defendants including ANZ, Commonwealth Bank, NAB and Westpac, the reason being insufficient connection to US jurisdictions. ANZ, CBA and NAB have either volunteered admissions over attempted manipulation of BBSW and unconscionable conduct. In the case of Westpac, Australia's Federal Court also made adverse findings.