NatWest Markets Spoofing Investigation

12.30.2021

Our securities attorneys are investigating allegations of unlawful manipulation of U.S. Treasury futures contracts and options on U.S. Treasury futures contracts by NatWest Markets.

Did you purchase or sell Treasury Futures between January 1, 2008 and May 31, 2014?

You may have a legal claim. Speak to an investment fraud attorney about your legal rights.

Speak to a Lawyer






NatWest’s Guilty Plea

On December 21, 2021, NatWest Markets Plc entered into a plea agreement with the United States Department of Justice, Criminal Division, Fraud Section, to resolve criminal charges that NatWest Markets defrauded other market participants in the Treasury Futures market from at least January 2008 through May 2014. NatWest admitted to manipulating the prices of Treasury Futures using an instantaneous trading device known as “spoofing.”

According to the plea agreement, NatWest “knowingly, willfully, and with the intent to defraud placed orders to buy and sell certain U.S. Treasuries with the intent to cancel those orders before execution (‘Spoof Orders’), including in an attempt to profit by deceiving other market participants through false and fraudulent pretenses and representations concerning the existence of genuine supply and demand for U.S. Treasuries.”

Read the DOJ’s press release here.

What is Spoofing?

Spoofing is the practice of knowingly bidding and offering trades with the intent to cancel the bid and offer—often within milliseconds—before the trades are executed. The spoofed orders alter the appearance of supply and demand and manipulate markets which are otherwise efficient, giving the spoofer an unfair advantage. Spoofers like NatWest thus seek to profit by enticing other traders to base their investment decisions on the false perception of supply and demand created by the spoofing conduct.

Did you purchase or sell Treasury Futures between January 1, 2008 through May 31, 2014?

You may have a legal claim. Speak to an investment fraud attorney about your rights by calling 1.866.981.4800 or filling out the form at the top of the page.

Our Commitment to Excellence

Girard Sharp LLP represents investors, consumers, and institutions in class actions and other complex litigation nationwide. We serve on the Plaintiffs’ executive committee in the recent spoofing litigation against JPMorgan Chase that settled for $60 million, a favorable resolution that the district court preliminarily approved on December 20, 2021. (S.D.N.Y. Case No. 1:18-cv-10356.) Our class action attorneys have obtained multimillion-dollar recoveries for victims of unfair and deceptive practices in antitrust, financial fraud, and consumer protection matters against some of the country’s largest corporations, including Raymond James, John Hancock, and Sears. Girard Sharp has earned top-tier rankings from U.S. News and World Report for Securities and Class Action Litigation and has been repeatedly selected as an Elite Trial Lawyers finalist by the National Law Journal.

Main Menu