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Barclays High Frequency Trading Ligitants Are Told Not To Make SDNY Filings Under Seal by Judge Furman

By Matthew Russell Lee, Patreon

SDNY COURT, August 15 – A lawsuit that began in 2014 against Barclay's use of "Dark Pool" trading followed its meandering course to a conference on 15 August 2019 before U.S. District Court for the Southern District of New York Judge Jesse M. Furman. Among the issues has how to accurately sample from the many trades at issue.

 The defense said they agreed with Judge Furman about the problems with sampling in the mortgage backed securities cases. Judge Furman said he would take each side's proposed case management plan back to his chamber and come up with his own. For now, they will return for another conference on February 13 - Judge Furman said, we can celebrate Valentine's Day together. The case, which may be renamed, is In Re: Barclays Liquidity Cross and High Frequency Trading Litigation, 14-md-2589.

  The "md" stands for multi-district. The defense said maybe it was time to remove the case from that tract. Judge Furman said he had tried and might try again, joking that might mean he won't be invited to the multi district litigation conference in Florida. He emphasized that he was joking, that this would be the reason the cases continues as "md" if it does.

  More seriously and to his credit, Judge Furman told the parties not to try to unilaterally file anything in the case under seal. He said, I am on the only one in the court room authorized to file anything under seal. Ligitants have to ask him before sealing, a practice that is by no means uniform in the SDNY. Inner City Press will have more on this. And on this: Sullivan & Cromwell, writing for Barclays, has protested the continued use of Barclays' name in the caption. More on Patreon, here.

From the day before, August 14, before Judge Furman, as if in another world: Christopher Bullock was indicted in 2018 for conspiracy to commit sex trafficking of minors by force, fraud or coercion in violation of 18 U.S.C. § 1594(c).

 On August 14 he pled guilty to a the lesser charge of conspiracy to violate the "Travel Act," with reference to a sentence of 60 months, before U.S. District Court for the Southern District of New York Judge Jesse M. Furman.

 Inner City Press, the only media in Judge Furman's courtroom, couldn't help wonder how this pleading down related to criticism of the abruptly ended or change Jeffrey Epstein child sex trafficking case. A review of Bullock's motion to suppress, which Judge Furman denied, makes it appear that Bullock housed the minors who were being prostituted, was accused of making them sell drugs for him.

 Even the venue was dubious, or at least interesting. Bullock answered that none of the acts took place in the Southern District, including the Bronx, Westchester and Manhattan.

  Then the Assistant US Attorney said since he used the phone and Internet, THAT goes through the Southern District. He added that one of the sex acts took place in Manhattan.  That apparently was enough - though at the end of the proceeding he added that minors had been recruited in Westchester. Judge Furman indicated, or seemed to, that the Manhattan sex act was enough. Inner City Press will continue to follow this and other SDNY cases. Watch this site.


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