Shortly after JPMorgan said the parties in a treasury futures spoofing lawsuit have taken substantial steps towards resolution, the financial services major has filed a proposed scheduling order with the New York Southern District Court confirming that progress has been made.

The document, submitted at the Court on December 1, 2020, states that the parties informed the Court at the November 30, 2020 conference that they have agreed to mediate and have taken substantial steps towards doing so, but require additional time to complete that process.

The parties are set to file a joint letter (i) updating the Court on the status of mediation and settlement efforts, and (ii) requesting an additional extension of case deadlines, if necessary, by February 1, 2021.

Let’s recall that, on October 26, 2020, Endeavor Trading, LLC and Breakwater Trading LLC abandoned their claims against JPMorgan in this case. The rest of the plaintiffs. include Budo Trading LLC, John Grace, Thomas Gramatis, Charles Herbert Proctor, III, and Robert Charles Class A, L.P.

This action has been brought by a class encompassing:

“All persons or entities who transacted in Treasury Futures or options on Treasury Futures traded on a United States exchange during the period January 1, 2009 through the present (the “Class Period”), where such persons or entities were domiciled in the United States or its territories. Excluded from the Class are the Defendants and any parent, subsidiary, affiliate, employee, agent or co- conspirator of any Defendant.”

The defendants are JP Morgan Chase & Co., JP Morgan Clearing Corp., JP Morgan Securities LLC, JP Morgan Securities LLC, and John Does 1-25. The plaintiffs accuse the defendants of unlawful and intentional manipulation of U.S. Treasury futures contracts and options on those contracts that trade on United States-based exchanges.

Throughout the Class Period, JPMorgan is alleged to have routinely engaged in spoofing at the expense of the plaintiff and the class, successfully manipulating the Treasury Futures trading market to benefit their own trading positions.