Moore Settles Metals Lawsuit

Aug 23 2013 | 5:04am ET

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.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Starting a ‘40 Act Fund Family? Don’t Forget Your Board

Apr 30 2015 | 7:18am ET

The convergence of the hedge fund and mutual fund worlds continues unabated, as...

 

Editor's Note