Key facts
- Two U.S. options market makers have narrowed an insider-trading lawsuit.
- The lawsuit now targets 45 individuals.
- The individuals allegedly made $155 million in illicit profits.
- The profits were allegedly gained using leaked Chinese regulatory information.
- The case involves Chinese online brokerages Futu Holdings and Tiger Brokers.
- The defendants are accused of exploiting non-public information about Chinese regulatory changes.
- The market makers allege a coordinated scheme to trade on privileged information.
Two prominent U.S. options market makers have significantly narrowed their insider-trading lawsuit, now targeting 45 individuals. These individuals are accused of generating approximately $155 million in illicit profits by allegedly exploiting leaked Chinese regulatory information. The lawsuit centers on allegations that these individuals used non-public details about impending changes to China's financial regulations to gain an unfair advantage in the market.
The market makers contend that the defendants engaged in a coordinated scheme to trade on this privileged information. The case specifically involves Chinese online brokerages Futu Holdings and Tiger Brokers, suggesting their platforms may have been used or implicated in the alleged trading activities. This legal action aims to recover the substantial profits made through these alleged insider dealings and to deter future instances of market manipulation.