Millions of lawsuits get filed, very few get class action status and even fewer succeed. Nothing to get excited about at this point. While it is possible VIX is manipulated the most likely cases are a matter of very small amounts at the settlement. Guessing most people here aren't greatly impacted by that, so even if it is a successful class action suit don't count on retiring off your share of the proceeds!
You (and those like you) are probably the only one's who could potentially really make anything out of this case. Granted you weren't in on the manipulationYeah, it seemed like the legal team wasn't totally sure how the vix could be manipulated, much less HOW it WAS manipulated. They called me to pick my brain about the process. Most likely I'm the only ex-vix market maker who took time to chat with them when they called. The lawyers asked me a lot of questions about the SOQ process, etc... If that is the direction of the case then any market-maker or customer who held positions into expiration would be part of the class (I guess). However, no judge would understand the SOQ process, and its being explained by lawyers who also dont understand it. Also, the legal filings Ive read suggest "hundreds of millions" of manipulation due to the effect on VXX, etc... These lawyers really dont know what they are arguing, it's amazing. I told the lawyers they needed me to do all the research and lay-man explanation of findings for them, at a low low expert witness price
FYI: I once lost a few hundred thousand on a HUGE settlement outlier print back in Dec 2011.
Yeah, it seemed like the legal team wasn't totally sure how the vix could be manipulated, much less HOW it WAS manipulated. They called me to pick my brain about the process. Most likely I'm the only ex-vix market maker who took time to chat with them when they called. The lawyers asked me a lot of questions about the SOQ process, etc... If that is the direction of the case then any market-maker or customer who held positions into expiration would be part of the class (I guess). However, no judge would understand the SOQ process, and its being explained by lawyers who also dont understand it. Also, the legal filings Ive read suggest "hundreds of millions" of manipulation due to the effect on VXX, etc... These lawyers really dont know what they are arguing, it's amazing. I told the lawyers they needed me to do all the research and lay-man explanation of findings for them, at a low low expert witness price
FYI: I once lost a few hundred thousand on a HUGE settlement outlier print back in Dec 2011.
You need to understand the nature of the manipulation. I can absolutely guarantee that even if the manipulation alleged turns out to be entirely true you would be due less than $100. You didn't lose your money because of this my friend.