Friday, August 23, 2013

Platinum Group Metals: Louis Bacon's Moore Capital Management Promises It Won't Bang the Close Anymore, Pays $48.4 Mil. to Settle

From Reuters:

Moore Capital settles platinum, palladium lawsuit for $48.4 mln
Louis Bacon's Moore Capital Management has agreed to pay $48.4 million to settle a class-action lawsuit asserting that the hedge fund manipulated platinum and palladium prices, the plaintiff's lead attorney said on Wednesday.

The settlement was reached earlier on Wednesday before Judge William Pauley III of the U.S. District Court for the Southern District of New York, Christopher Lovell, the lead plaintiff's attorney, told Reuters in an email.

He is a partner at law firm Lovell Stewart Halebian Jacobson LLP.

A spokesman for New York-based Moore Capital, a prominent hedge fund, declined to comment.
In April 2010, the U.S. Commodity Futures Trading Commission (CFTC) fined Moore Capital $25 million for attempting to manipulate Nymex platinum and palladium futures prices from at least November 2007 through May 2008....MORE