Brokerage Exits Suit Over Rice Futures Manipulation

Law360, New York (February 13, 2012, 6:33 PM EST) -- An Illinois federal judge on Monday dismissed a class action alleging a futures brokerage and its executives manipulated rice futures contracts, saying the suit relied improperly on allegations from a U.S. Commodity Futures Trading Commission administrative proceeding against the group.

U.S. District Judge John W. Darrah said the CFTC had sanctioned Daniels Trading Group LLC, its parent Global Asset Advisors LLC, executives and a trader for allegedly violating a Chicago Board of Trade rule setting position limits — restricting the number of contracts one person can...
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