| In
JPMorgan Precious Metals Spoofing Case $60
Million Settlement Proposed But Judge Has
Questions
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- The
Source
SDNY COURTHOUSE,
Nov 29 – In the shadow of the
US Department of Justice
actions on (some of) JPMorgan
Chase's U.S. Treasury
"spoofing" fraud, on August
13, 2020 U.S. District Court
for the Southern District of
New York Judge Paul A.
Engelmayer held a proceeding
in Breakwater Trading
LLC v. JPMorgan Chase &
Co. et al.
Inner City Press
live tweeted it - then added
some analysis, on Patreon here.
On November 30,
2020 Judge Engelmayer had
another proceeding in the
case, and inquired into the
basis of the request to put
the case into "Power Save
Mode," and what value added
plaintiffs' counsel brought to
the table. As the response
such as it was was being
given, another person burst
into the call and was
admonished. Inner City
Press will continue to cover
this case.
On September 29,
2020, "The Commodity Futures
Trading Commission today
issued an order filing and
settling charges against
JPMorgan Chase & Company
(JPMC & Co.) and its
subsidiaries, JPMorgan Chase
Bank, N.A., and J.P. Morgan
Securities LLC (JPMS)
(collectively, JPM), for
manipulative and deceptive
conduct and spoofing that
spanned at least eight years
and involved hundreds of
thousands of spoof orders in
precious metals and U.S.
Treasury futures contracts on
the Commodity Exchange, Inc.,
the New York Mercantile
Exchange, and the Chicago
Board of Trade. This case is
brought in connection with the
Division of Enforcement’s
Spoofing Task Force. The order
finds that JPM’s illegal
trading significantly
benefited JPM and harmed other
market participants. JPM is
required to pay a total of
$920.2 million—the largest
amount of monetary relief ever
imposed by the CFTC—including
the highest restitution
($311,737,008), disgorgement
($172,034,790), and civil
monetary penalty
($436,431,811) amounts in any
spoofing case."
Judge Engelmayer
was asking of the links of
this civil case filed in May
to criminal cases.
A lawyer
told Judge Engelmayer she
spoke with "Mr Sullivan of the
DOJ" about the relation of the
criminal case and this.
Judge
Engelmayer: Interim lead
counsel should discuss the
schedule of discovery as
relates to any DOJ request...
Since Ms. Nussbaum spoke with
the relevant figure at DOJ,
you all should. [It's Linda P.
Nussbaum representing
Breakwater Trading LLC]
Judge Engelmayer:
There's reference to a
protective order - you should
discuss that too. W have a
missing party here in the
room, a missing entity, the
DOJ, and they'll have
something to say about
discovery in this case... I
had an ex parte though fully
memorialized under seal
discussion with DOJ [More on
Patreon here.]
Another lawyer: I
speak with Mr. Perry and Mr.
Sullivan at the DOJ,
often...
Ms. Nussbaum:
We'll reach out to other
counsel. We've had discussions
with Ms. Davidoff [Amanda Flug
Davidoff representing JP
Morgan Clearing Corp.]
Judge Engelmayer:
we are adjourned.
Jump cut to
November 29, 2021, when in the
JPMorgan precious metal
spoofing case, a $60 million
settlement was proposed.
District Judge Gregory H.
Woods held a proceeding; Inner
City Press covered it. Judge
Woods emphasized that the
class is not limited to the US
and Canada, and asked about
the completeness of using
Google as a way to track down
/ notify those impacted.
This case is
In re: JPMorgan Precious Metals Spoofing
Litigation, 18-cv-10356 (Woods)
***
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