JPMorgan Hit With Another Futures Spoofing Class Action
Law360 (June 1, 2020, 3:11 PM EDT) -- The latest of several proposed class actions alleging JPMorgan Chase has been manipulating futures markets since 2009 though the illegal trading strategy called spoofing was filed Friday in Illinois federal court.
Robert Charles Class A LP, a San Diego-based limited partnership, alleges JPMorgan senior traders and supervisor encouraged the manipulative trading strategy, which "was repeated tens of thousands of times during numerous trading days from 2009 to the present."
Spoofing entails placing deceptive orders to buy and sell futures contracts, canceling those orders before execution and simultaneously entering orders on the opposite side, which creates the false appearance of demand....
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