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, and is currently leading our financial litigation practice. Michele has worked on a number of financial projects, spanning from pre-filing to class certification and settlement allocation. His field of experience encompasses cases on benchmark manipulation, order-book spoofing, bid-ask spread inflation, commodity manipulation and cryptocurrency manipulation among others.