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"Spoofing" Lawsuit Against Bank of America, Morgan Stanley Dismissed

Eric Volkman, The Motley Fool
·2-min read
"Spoofing" Lawsuit Against Bank of America, Morgan Stanley Dismissed

Bank of America (NYSE: BAC) and Morgan Stanley (NYSE: MS) are now free of a legal dispute they had been fighting for years. On Thursday, a federal judge dismissed a lawsuit brought by individual securities traders and trading firms that had accused them and their employees of "spoofing" -- placing orders for trades in order to manipulate the price, then cancelling those orders at the last moment. The dismissal was due to the expiration of a two-year statute of limitations, following the December 2016 filing of an initial lawsuit involving many of the principals involved in the Bank of America and Morgan Stanley dispute.