Trump's remarks came a day before the Fed was set to announce its next decision on interest rates.Politicsread more
In a tweet, Trump said that he and Xi "had a very good telephone conversation," and that "our respective teams will begin talks prior to our meeting."Politicsread more
China is reducing support for its electric carmakers a move experts and industry insiders warn could lead to consolidation and waning investor appetite. But some of the...Technologyread more
Is your CEO on the list? Glassdoor has the results.Power Playersread more
Joseph Gaspar, the chief financial officer at Elbit Systems, said M&A among firms in the sector began to pick up pace in the 1980s and looks set to continue.Paris Air Showread more
Stocks in Asia rose in Wednesday afternoon trade following positive developments overnight on the U.S.-China trade front.Asia Marketsread more
Signs of companies moving out of Hong Kong have emerged, members of the business community told CNBC following massive protests in the city. But one analyst said Hong Kong's...China Politicsread more
Sen. Josh Hawley, a well-known tech critic, is introducing legislation that would remove the immunity big technology companies receive for user-posted content under Section...Technologyread more
In its new "Future Skills" report, LinkedIn has identified what it calls the 10 "rising skills" of the future and the jobs associated with them.Get Aheadread more
Democratic Rep. Maxine Waters on Tuesday requested that Facebook pause its development of Libra, an upcoming cryptocurrency that the company plans to release in 2020.Technologyread more
Has your CEO won over enough workers in Germany to make the cut? Glassdoor reveals.Power Playersread more
May 29 (Reuters) - A federal judge on Wednesday dismissed a lawsuit in which investors accused the parent of the Chicago Board Options Exchange of letting anonymous traders rig Wall Street's main gauge of future stock market volatility at their expense.
U.S. District Judge Manish Shah in Chicago said investors in the proposed class action failed to show that Cboe Global Markets Inc intended to defraud them by allowing manipulation of options and futures tied to the VIX, known as the U.S. stock market's "fear gauge."
"Though Cboe may have designed a process with features that made it vulnerable to manipulation," the investors did not show that it "knew about these flaws at the time it designed the VIX enterprise or that it purposefully designed the market to facilitate manipulation," Shah wrote in a 32-page decision.
Lawyers for the investors did not immediately respond to requests for comment. Cboe's lawyers did not immediately respond to similar requests.
The VIX, short for Cboe Volatility Index, measures expected 30-day volatility for U.S. stocks based on Standard & Poor's 500 options, and often rises when stock prices fall.
Investors had accused Cboe in the lawsuit of knowing for years about systemic manipulation of VIX products but doing nothing in an effort to boost profit and market share.
Cboe called the lawsuit an "unprecedented attempt" to hold a regulator liable based on speculation it allowed manipulation "by unidentified persons on unspecified occasions, leading to unspecified losses by unspecified market participants."
The VIX became a focus for investors in February 2018 when the prices of two products tied to it plunged more than 80 percent, and an anonymous whistleblower alleged manipulation in letters to U.S. financial regulators.
Shah dismissed the investors' claims under federal antitrust, securities and commodity exchange laws without prejudice, meaning they can be brought again.
He dismissed a negligence claim with prejudice because federal law pre-empted it.
The case is In re Chicago Board Options Exchange Volatility Index Manipulation Antitrust Litigation, U.S. District Court, Northern District of Illinois, No. 18-04171. (Reporting by Jonathan Stempel in New York; Editing by Dan Grebler)