If the case is made that spoofing cost shareholders somewhere in the $1 to $2 a share, so a $1 to $2 billion figure could be arrived at by a jury, I believe the bigger question could be, does the jury apply a substantial penalty to the actions of the MM's. I've got to believe the Attorneys would ask for a large penalty, and that's a risk the MM's take if they let it go to trial. Could the jury decide to really punish those responsible would a double digit billion award be possible, I think so. Of course this may not happen, they might not award a billion or more, I don't think you can ever be certain of what a jury will do.
I believe that in a settlement the attorney's percentage may not be quite as great as if they go to trial, but if it settles they'll probably spend far less time, so that's a fair outcome. Regardless they'd probably get at least 20% or more, so it certainly would be worth their time.
My point in settling soon would be that they can really use a few hundred million now. I believe that LP can get the job done with, or without it, but it would be easier with it. By the same token she's the type of person who tends to roll the dice, so I don't know she won't go for the jury and believe with their case they'll award a big penalty.
Gary
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