Moore Capital Pays $48M To Settle Platinum Manipulation Suit

Law360, New York (August 21, 2013, 6:07 PM EDT) -- Hedge fund Moore Capital Management LP has agreed to pay $48.4 million to settle a class action alleging it manipulated the platinum and palladium markets, the plaintiffs’ lawyer said Wednesday in Manhattan federal court.

The settlement will compensate purchasers of futures tied to the metals, lawyer Christopher Lovell of Lovell Stewart Halebian Jacobson LLP said at a conference before U.S. District Judge William H. Pauley III.

The deal ends more than three years of litigation over a tactic called “banging the close,” a strategy in which...
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