CFTC Gets Default Judgment Against ‘Flash Crash’ Firm

Law360, New York (January 11, 2017, 3:00 PM EST) -- An Illinois federal judge has granted the U.S. Commodity Futures Trading Commission’s motion for a default judgment against the firm run by a U.K. futures trader who pled guilty to charges over the 2010 Wall Street “flash crash,” putting the firm on the hook for the trader’s $38.6 million fine.

U.S. District Judge Andrea R. Wood on Monday agreed to enter a default judgment against Nav Sarao Futures Ltd. PLC, the trading firm owned by Navinder Sarao, making Sarao Futures jointly responsible with Sarao for paying...
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