Banks, Ex-Merrill Traders Seek Exit From Spoofing Case

Law360 (January 14, 2020, 1:55 PM EST) -- Bank of America, Morgan Stanley and two former Merrill Lynch traders said Monday that a consolidated shareholder lawsuit over alleged spoofing in the precious metals futures market was filed well after its claims became time-barred.

In a joint motion, Bank of America Corp., its subsidiary Merrill Lynch Commodities Inc. and Morgan Stanley & Co. LLC told a New York federal judge that the Commodity Exchange Act claims first brought by two hedge funds last summer came years after the CEA's two-year statute of limitations ran out.

On top of that, the firms continued, the CEA does not create a private cause...

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