|
PureBytes Links
Trading Reference Links
|
[fwn] Trader Niederhoffer Confirms Tentative Settlement With CME
Chicago, Nov. 16 (FWN) - Trader Victor Niederhoffer on Friday confirmed a
tentative settlement has been reached in his more than $100 million lawsuit
filed 2 1/2 years ago against the Chicago Mercantile Exchange Inc.
Niederhoffer, now a private speculator in Norwalk, Conn., said that he was
barred from disclosing the terms of the tentative agreement, but called
it "mutually satisfactory" for himself and the CME.
According to a quarterly report filed by the CME with the U.S. Securities
and Exchange Commission, Niederhoffer, Niederhoffer Investments Inc. and
several commodity pools controlled by Niederhoffer filed suit against the
CME in May 1999. The exchange, the filing said, was accused of failing to
enforce rules establishing settlement prices on specific dates, leading to
Niederhoffer, the pools and their futures commission merchants to suffer at
least $105 million in damages.
CME spokeswoman Ellen Resnick declined comment, saying the exchange
generally does not discuss pending litigation. However, in its SEC filing,
the
CME said it had set up a cash reserve in third-quarter 2001 in anticipation
of
a final settlement before the end of the year. In past filings, the CME had
termed Niederhoffer's suit as "without merit."
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
|