Moore Capital Management’s bill for allegedly “banging the close” on two precious metals has tripled.
The hedge fund settled a class-action lawsuit that accused it of manipulating platinum and palladium prices. The allegations mirrored those of the Commodity Futures Trading Commission, which fined Moore $25 million three years ago and levied trading restrictions.
Now, those trading restrictions have lapsed, but Moore has agreed to pay $48.4 million to settle the class-action suit, Reuters reports. The firm did not admit or deny wrongdoing.
According to the CFTC, Moore routinely sought to manipulate platinum and palladium prices on the New York Mercantile Exchange from at least November 2007 through May 2008.