Yes. They admitted it but "it wasnt out fault". Thats not what the court thinks.....they will be liable regardless of the 3rd party, and the cost will be well above $64M. Wall-Street already has a bad name with Main-Street. If this goes to trial, it will be a slam dunk. Wall Street spoofing and shorting a cancer treatment company. Rewards will be huge. But I suspect if this case survives MTD it will never see the light of day. It will be settled for $300-400M. If for some reason it does make it to trial, the costs will be much more significant, as I am sure more parties will be implicated.
I have a feeling the DOJ might be investigating this case. There are a few facts that point to it happening for those that look hard enough. It may go from civil to criminal in pretty short order.
Ducks in a row
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