home Latest News Banks, Ex-Merrill Traders Seek Exit From Spoofing Case – Law360

Banks, Ex-Merrill Traders Seek Exit From Spoofing Case – Law360

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Law360 (January 14, 2020, 1:55 PM EST) — Bank of America, Morgan Stanley and two former Merrill Lynch traders filed multiple bids Monday to dismiss a consolidated shareholder lawsuit over alleged spoofing in the precious metals futures market.

In a joint motion, Bank of America Corp., its subsidiary Merrill Lynch Commodities Inc. and Morgan Stanley & Co. LLC told a New York federal judge that the Commodity Exchange Act claims first brought by two hedge funds last summer came years after the CEA’s two-year statute of limitations ran out.

On top of that, the firms continued, the CEA does not create a private cause of action for claims of…