Moore Capital Settles Close-Banging Suit For $48.4 Million

Moore Capital Management has agreed to pay $48.4 million to settle a class-action lawsuit alleging that the hedge fund manipulated the platinum and palladium markets.

The deal ends more than three years of litigation and will purportedly compensate purchasers of futures tied to the metals.

Settle “Banging The Close” Suit

The settlement relates to a lawsuit that accused Louis Bacon’s Moore Capital Management of banging the close in Nymex platinum and palladium markets in 2007 and 2008.

Banging the close is a strategy in which a trader enters buy orders in the last seconds of a trading day...