Banks, Ex-Merrill Traders Defeat Investors' Spoofing Case

Law360 (March 4, 2021, 9:59 PM EST) -- A New York federal judge on Thursday threw out a consolidated shareholder lawsuit against Bank of America, Morgan Stanley and two former Merrill Lynch traders over alleged spoofing in the precious metals futures market, ruling that the shareholders waited too long to bring their claims.

The investors had claimed there was a scheme by the banks, two named traders and a host of unnamed defendants to manipulate gold, silver, platinum and palladium futures from 2007 to 2014 through spoofing, a technique in which buy or sell orders are entered without the intention of filling them to artificially shift prices up or...

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