| In
JPMorgan Treasury Spoofing Case Questions
Of Power Save Mode and Value Added
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- The
Source
SDNY COURTHOUSE,
Nov 30 – In the shadow of the
US Department of Justice
actions on (some of) JPMorgan
Chase's U.S. Treasury
"spoofing" fraud, on August 13
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,
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,
"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
is asking of the links of this
civil case filed in May to
criminal cases.
A lawyer
tells 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.
The case is now
In re JPMorgan Treasury
Futures Spoofing Litig.,
20-cv-03515 (Engelmayer)
***
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