In re: Platinum and Palladium Commodities Litigation, 10-cv-3617 (S.D.N.Y.)
On January 14, 2015, the Futures Plaintiffs filed motions seeking final approval of (1) their proposed settlement with the Moore Defendants and Defendant Welsh, which provides for a $48,400,000 cash payment by the Moore Defendants and a judgment of $35,000,000 against Defendant Welsh in respect of the Futures Plaintiffs’ negligence claim against him that is collectable solely from his personal assets consisting of his rights against certain insurers; and (2) their proposed settlement with the Trustee for the estate of MF Global, Inc. which provides for a cash payment of $4,672,500 and an allowed unsecured general creditor claim in the MF Global SIPA bankruptcy proceeding of $18,753,571.43. The Futures Plaintiffs allege the defendants engaged in a manipulation of NYMEX platinum and palladium futures markets in violation of the Commodity Exchange Act, 7 U.S.C. §1, et seq.
On January 21, 2015, the Honorable William H. Pauley III entered an order adjourning and rescheduling the fairness hearing concerning the foregoing two settlements from February 13, 2015 until February 27, 2015 at 11:00 a.m. Please check this website and the settlement website for further updates regarding the proposed settlements. See http://platinumpalladiumfutureslitigation.com. Lovell Stewart encourages members of the Futures Class to file proof of claim forms. For further information, please contact Christopher M. McGrath, Esq. (CMcGrath@lshllp.com).