GRAY FIRM FILES CASE AGAINST HEDGE FUND MOORE CAPITAL ALLEGING MANIPULATION OF PRICES OF PALLADIUM AND PLATINUM

Christopher J. Gray, P.C., along with co-counsel, has filed a putative class action alleging the hedge fund Moore Capital violated the antitrust laws by manipulating the prices of palladium and platinum via a scheme of orchestrated trading during the last few minutes before the expiration of certain futures contracts traded on the New York Mercantile Exchange (“NYMEX”) (for which the underlying commodity was platinum or palladium).

The action, in which an amended complaint is due to be filed on or before August 9, 2010 pursuant to court order, will seek to represent a class of all persons who transacted in physical platinum or palladium conforming to the NYMEX delivery requirements between November 1, 2007 and May 31, 2008. NYMEX rules specify that to conform to delivery requirements platinum and palladium must be 99.95 percent pure and consist of ingots or plates weighing at least ten ounces, each of which is incised with the lot or bar number, weight, grade, name or logo of the assayer, and symbol identifying the metal.

The case is styled F.W. DeVito Inc. Retirement Trust v. Moore Capital Management, U.S. District Court for the Southern District of New York Docket No. 10-CV-4630 (WHP). The complaint is accessible below.

moore complaint file stamped.pdf (362.73 kb)