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ARTICLE · 05 APRIL 2018

Multiple Cases Filed Alleging VIX Manipulation By Traders

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On Friday, March 9, Atlantic Trading USA LLC filed a class action complaint in Chicago federal court against numerous unnamed trading firms, alleging manipulation of the Chicago Board Options Volatility Index (VIX).

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Foley & Lardner
Foley & Lardner
Thomas Krebs
Thomas Krebs
Kathryn Trkla
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On Friday, March 9, Atlantic Trading USA LLC (Atlantic) filed a class action complaint in Chicago federal court against numerous unnamed trading firms, alleging manipulation of the Chicago Board Options Volatility Index (VIX). Atlantic alleges that, from 2011 to the present, trading firms have manipulated the VIX settlement price by placing aggressive buy orders during the HOSS auction and then taking advantage of the artificially high VIX settlement price to cash out of expiring long VIX derivatives at a profit. Atlantic claims to represent a nationwide class of investors that has traded VIX futures or options since 2011 and seeks damages "in the hundreds of millions of dollars." The case is captioned Atlantic Trading USA LLC. V. John Does 1-100, 18-cv-01754 (N.D.Ill.), and the complaint can be found here.

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