Tower Research Can't Duck Korean Futures Suit: Investors

Law360 (September 6, 2019, 5:14 PM EDT) -- A proposed class of investors urged a Manhattan federal magistrate judge Thursday to reject a computerized trading firm's attempt to again duck a suit claiming it manipulated the prices of Korean futures contracts, saying the firm's foreign trades are not exempt from U.S. law.

Investors told U.S. Magistrate Judge Gabriel W. Gorenstein that Tower Research Capital LLC’s dismissal bid ignores the Second Circuit's precedential holding that the South Korea-originated trades allegedly falsified to manipulate Korean futures contracts on the Chicago Mercantile Exchange Globex Platform, fall under — and violate — the Commodity Exchange Act.

“Defendants fail to mention, much less address,...

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