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Lesson: don't ever LISTEN to what the monopolistic exchanges say, watch what
they DO.
> -----Original Message-----
> From: Gary Funck [mailto:gary@xxxxxxxxxxxx]
> Sent: Friday, November 16, 2001 6:50 PM
> To: Realtraders@xxxxxxxxxxxx Com
> Subject: [RT] FW: the education of a speculator...
>
>
>
> [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."
>
>
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>
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