Fideres was retained by Plaintiffs’ counsel Lowey Dannenberg to provide financial expertise, develop economic evidence of harm and estimate damages for the Class in this financial market manipulation case.
Defendants, a group of futures traders and the trading firm that employed them, unlawfully and intentionally manipulated E-mini Dow Futures contracts, E-mini S&P 500 Futures contracts, and E-mini NASDAQ 100 Futures contracts (collectively, “E-Mini Index Futures”) traded on the Chicago Mercantile Exchange (“CME”) and/or the Chicago Board of Trade (“CBOT”), as well as Options on E-Mini Index Futures.
Fideres provided expert services to Plaintiffs’ counsel by conducting a market-wide analysis of spoofs using public data, identifying potential spoof trades by the defendants, assessing the impact of defendants’ alleged conduct on each affected instrument, and estimating class-wide damages.
The case settled for USD 15m in April 2021.
Michele joined Fideres in 2018 after completing his MSc in Finance at Warwick Business School. Since joining, Michele has worked on a number of financial and non-financial projects, spanning from pre-filing to class certification. His field of experience encompasses cases on benchmark manipulation, order-book spoofing, bid-ask spread inflation, cryptocurrency manipulation and healthcare antitrust among others. In addition, in order to address the projects’ needs, Michele has built numerous software solutions, including statistics and visualization packages and ETL pipelines.