PENDING
CBOE Exchange & Futures VIX Manipulation
SETTLEMENT FUND: TBD
FILING DEADLINE: TBD
CASE NUMBER:
18-cv-4171 ND of Illinois
CLASS PERIOD:
January 1, 2011 – Present
NON-SETTLING DEFENDANTS
CBOE, TBD
ELIGIBLE CLASS
All persons who traded VIX futures or options contracts on the CBOE Futures Exchange or the Chicago Board Options Exchange during the Class Period.
PROPOSED INSTRUMENTS
VIX futures or options contracts.
Preliminary Allegations
The complaint alleges that Defendants intentionally created and promoted the VIX and their trading exchanges in a manner that fostered a rigged market and allowed manipulation of the prices at which futures and options were traded, including VIX ETPs, during the Class Period in violation of the CEA and CFTC Rule 180.1.
More specifically, the complaint alleges that Defendants intentionally or recklessly designed their products, operated their platforms, and formulated the method for calculating the VIX and the SOQ in a manner that could be manipulated, especially by the traders who were given status as SPX Options market makers by Defendants.
Case Summary
Class action on behalf of investors who transacted in futures, options, and/or exchange-traded products linked to CBOE Globals proprietary Volatility Index (VIX), which is widely known as the U.S. stock markets fear gauge.
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BRIEF COMPANY PROFILE
Name: VELOCITYSHARES INV VIX SH-TM
Industry: Equity Fund
Country: Bahamas
Sector: Funds