Plaintiffs’ counsel Lowey Dannenberg retained Fideres to provide financial expertise and develop a plan of allocation in this financial market manipulation case.
Plaintiffs alleged that defendants JPMorgan and three of JPMorgan’s former futures traders unlawfully and intentionally manipulated the prices of precious metals futures and options though a practice known as “spoofing.” This involved placing multiple fictitious orders with the aim of moving prices in the desired direction. Plaintiffs alleged that this caused harm to traders and investors who traded at manipulated prices.
Fideres provided consulting expert work including identifying potential spoof trades by the defendants, estimating the impact of defendants’ alleged conduct on each affected instrument, and developing a plan of allocation for the Plaintiffs harmed by the conduct.
The case settled for USD 60m in February 2022.
Rahul joined Fideres in October 2019 after completing his MSc in Economics from the University of Warwick. His dissertation explored multi-period information sharing models in insurance markets with adverse selection. Since joining Fideres, Rahul has been building expertise in securities litigation, publishing sector antitrust and pharmaceutical antitrust cases. He holds a bachelor’s degree in Computer Science and Engineering and has worked as a software developer prior to joining Fideres. He has also worked professionally as a musician, producing music for movies and ad jingles and also as a guitar instructor.