2nd Circ. Revives Investors' Korean Futures Manipulation Suit
Law360 (March 29, 2018, 8:25 PM EDT) -- The Second Circuit on Thursday disagreed with a lower court's decision to toss a proposed class action alleging Tower Research Capital LLC manipulated Korean futures contract prices on an electronic trading system, saying the allegations plausibly claim the trades are "domestic transactions" and subject to federal law.
While a New York federal judge found in February 2017 that the Chicago Mercantile Exchange Globex Platform was not a registered exchange and that trades of the contracts matched through the platform were not subject to the Commodities Exchange Act, the unanimous panel vacated the dismissal after finding that the proposed investor class sufficiently...
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