Once upon a time, there was a futures brokerage called MF Global. And in that time, which we’ll call B.C. (Before Corzine), hedge funds could conspire with traders at MF Global to manipulate metals markets. And so they did or did not, as in the case of Moore Capital Management’s Christopher Pia and MF Global’s Joseph Welsh, who is at last putting the whole matter behind him, four years after the world put MF Global behind it.
In a letter filed on Tuesday in federal court in Manhattan, Joseph Welsh's lawyer said the two sides expect to finalize the agreement within 30 days, ending a 2012 lawsuit filed by the U.S. Commodity Futures Trading Commission….
The CFTC accused Welsh, who worked at MF Global Inc, of scheming with a former portfolio manager at hedge fund Moore Capital Management to artificially inflate prices of palladium and platinum futures contracts traded on CME Group Inc's New York Mercantile Exchange from 2006 to 2008.
Moore Capital and the former portfolio manager, Christopher Pia, previously settled related claims with the CFTC for $25 million and $1 million, respectively.