From Reuters: Moore Capital Management LP, a hedge fund firm that paid a $25 million regulatory fine to settle market manipulation claims, won on Tuesday the dismissal of a lawsuit by investors who said they lost money because of illegal activity.
Two co-defendants, former veteran Moore trader Christopher Pia and the brokerage MF Global Ltd , also won the dismissal of claims that they conspired with Moore to fix prices on platinum and palladium futures contracts from Oct. 25, 2007 to June 6, 2008, violating antitrust and racketeering laws.
U.S. District Judge William Pauley in Manhattan nonetheless said the eight plaintiffs may replead their case, without relying on Moore's April 2010 settlement with the Commodity Futures Trading Commission to show that firm's wrongdoing The settlement resolved claims over Pia's alleged efforts in the last 10 seconds of trading days to enter large trades in "illiquid" platinum and palladium markets that pushed prices higher, a strategy known as "banging the close."
Read more about it at http://af.reuters.com/article/commoditiesNews/idAFS1E78C0XT20110913
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