Susquehanna Sues 100 John Does Over $70 Million Insider-Trading Losses
Updated
Updated · Bloomberg · Jun 29
Susquehanna Sues 100 John Does Over $70 Million Insider-Trading Losses
1 articles · Updated · Bloomberg · Jun 29
Summary
Susquehanna filed a Manhattan federal lawsuit against 100 John Doe defendants, seeking to recover more than $70 million it says it lost in alleged insider trading.
The firm says the unidentified traders used inside information about a Chinese government crackdown on cross-border brokerages last month to place profitable bets.
At least $100 million in gains were made from the alleged scheme, according to the complaint, with Susquehanna saying it was the counterparty on most of those trades.
Susquehanna is using the suit to try to unmask the traders behind what it describes as one of the largest insider-trading schemes in recent memory.