M&N Trading, LLC v. BofA Securities, Inc., Merrill Lynch, et al.,
24-cv-1229 (N.D. Ill.)

Plaintiff alleges that Defendants BofA Securities, Inc.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; and John Doe Nos. 1-20 (collectively, “Defendants”) used a manipulative device called "spoofing" to cause artificial prices for U.S. Treasury Securities, Treasury futures contracts, and options on U.S. Treasury Futures between October 2014 through February 2021. Specifically, the Complaint contains dozens of examples of Defendants placing illegitimate orders for Treasury Securities or Treasury Futures, which orders Defendants intended to cancel prior to execution at the time those orders were placed.  These artificial prices illegitimately benefited Defendants financially, at the expense of other investors, including Plaintiff and the Class.