Moore Capital Settles CFTC Trading Case For $25M

Law360, New York (April 30, 2010, 5:27 PM EDT) -- Moore Capital Management LP has agreed to pay $25 million as part of a settlement with the U.S. Commodity Futures Trading Commission that puts to rest allegations the hedge fund’s former portfolio manager schemed to manipulate platinum and palladium futures prices.

On Thursday the CFTC simultaneously filed and settled allegations that Moore Capital and its affiliates attempted to drive up platinum and palladium futures contracts traded on the New York Mercantile Exchange between November 2007 and May 2008.

Specifically, the futures watchdog alleged the former portfolio...
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