Deutsche, US Unit Face Suit Over Tokyo Traders' Spoofing

Law360 (June 22, 2020, 9:49 PM EDT) -- Deutsche Bank AG and its U.S.-based securities brokerage unit got hit with a proposed class action Monday over a market spoofing scheme allegedly conducted by two traders in 2013, which contributed to regulatory penalties the companies agreed to pay last week.  

Illinois-based trading firm Rock Capital Markets LLC alleged that two of Deutsche Bank Securities Inc.'s Tokyo-based traders manipulated U.S. Treasury Futures and Eurodollar Futures contracts on U.S.-based exchanges by placing unlawfully deceptive buy and sell orders in the market to fake the impression of supply and demand for their financial gain.

Rock Capital claims the traders, who aren't named...

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