CBOE sued by hedge fund
29 December 2010 Chicago
Image: Shutterstock
New York-based hedge fund Platinum Partners has instigated legal proceedings against the Chicago Board Options Exchange (CBOE)
Platinum Partners alleges that the CBOE mistakenly cut the strike price on India Fund options and then improperly gave that information to some market participants. The fund says it lost around $10 million.
“It’s just an unfortunate situation," said Platinum chief Mark Nordlicht. "There was clearly some insider trading that went on before the decision was publicly announced.”
Platinum Partners alleges that the CBOE mistakenly cut the strike price on India Fund options and then improperly gave that information to some market participants. The fund says it lost around $10 million.
“It’s just an unfortunate situation," said Platinum chief Mark Nordlicht. "There was clearly some insider trading that went on before the decision was publicly announced.”
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