If I had a CFD long on CL during the subzero down, would I owned my broker by law all the borrowed monies for the leverage? I heard that if a CFD goes zero is like you own everyhing to the broker xD is that true?

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION

MISH INTERNATIONAL MONETARY
INC., on behalf of itself
and all others similarly situated,

v. Case No. 1:20-cv-04577
Judge Manish S. Shah

VEGA CAPITAL LONDON, LTD., et al.,

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION

To: All persons and entities that sold a May 2020 light sweet crude oil (WTI) futures contract ("May contract") traded on the New York Mercantile Exchange between 9:00 a.m. CDT and 1:30 p.m. CDT (inclusive) on April 20, 2020, (including by trade at settlement ("TAS")), to liquidate a long position in the May contract. Excluded from the Class are Defendants, their officers, directors, management, employees, subsidiaries, or affiliates and federal governmental entities. Also excluded from the Class is any person or entity that (1) sold (on net) ten or more May contracts between 12:30 p.m. CDT and 1:30 p.m. CDT (inclusive) on April 20, 2020, and (2) purchased (on net) ten or more May contracts by TAS that executed at the May contract settlement price on April 20, 2020 (plus or minus any TAS premium or discount).

If you sold a May contract traded on the New York Mercantile Exchange ("NYMEX") between 9:00 a.m. CDT and 1:30 p.m. CDT (inclusive) on April 20, 2020, including by trade at settlement ("TAS"), please review this notice carefully.

If you are a clearing firm, futures commission merchant, brokerage firm or trustee through which May contracts were traded on the NYMEX between 9:00 a.m. CDT and 1:30 p.m. CDT (inclusive) on April 20, 2020, including by TAS, please provide the name(s) and last known address(es) of such customer(s) to the Notice Administrator, A.B. Data, Ltd., at the e-mail address listed below within one week of receiving this Notice. Alternatively, you may mail or email copies of this Notice to such persons or entities that are members of the Class within two weeks of receiving this Notice. Please preserve your clients' transaction records in May contracts traded on the NYMEX between 9:00 a.m. CDT and 1:30 p.m. CDT (inclusive) on April 17, 20 and 21, 2020, including by TAS. Nothing in this notice supersedes any legal obligation imposed by any subpoena previously served upon you in this case.

This summary notice seeks to alert you to a certified class action lawsuit called Mish International Monetary Inc. v. Vega Capital London, Ltd., et al., Case No. 1:20-cv-04577, pending in the United States District Court for the Northern District of Illinois in Chicago before the Honorable Manish S. Shah (the "Court"). Plaintiff Mish International Monetary, Inc. brought this lawsuit on behalf of itself and other similarly situated persons against Vega Capital London Ltd., Adrian Spires, Paul Commins, George Commins, Christopher Roase, Elliot Pickering, Aristos Demetriou, Connor Younger, James Biagioni, Henry Lunn, Paul Sutton, and Matthew Rhys Thompson (collectively, the "Defendants") alleging manipulation of the prices of the May contract on the NYMEX between 9:00 a.m. and 1:30 p.m. CDT (inclusive) on April 20, 2020.

Plaintiff seeks recovery from Defendants on behalf of itself and the Class. Plaintiff asserts claims against Defendants under the Sherman Antitrust Act, 15 U.S.C. §1 et seq. ("Sherman Act"), the Commodity Exchange Act, 7 U.S.C. §1 et seq. ("CEA"), and the common law for unjust enrichment. Plaintiff alleges Defendants combined, conspired, and agreed to fix, manipulate and artificially depress prices of the May contract on April 20, 2020. Plaintiff contends Defendants exerted downward pressure on May contract prices throughout the day, including by engaging in large volumes of aggressive sales of May contracts. Plaintiff alleges Defendants profited from the allegedly depressed prices by purchasing large volumes of May contracts via the TAS mechanism-the purchase price of which would be determined by the (allegedly depressed) settlement price of the May contract on April 20. Plaintiff contends that Defendants' defenses have no merit.

Defendants deny they did anything wrong and assert that the Plaintiff's claims have no merit. Among other things, Defendants assert that their actions were not the cause of the price decline of May contracts on April 20, 2020 and that the onset of the pandemic, the unprecedented falling of demand for oil, the over-supply of oil following a global dispute between Russia and Saudi Arabia, the lack of storage in Cushing, Oklahoma where oil had to be stored, CME Group Inc.'s ("CME") announcement that oil futures contracts could go into negative prices, and other macroeconomic factors caused the price of the May contract to decline on April 20, 2020. Defendants further assert that no artificial price existed for the May contract, that Defendants did not have the ability to cause an artificial price, that none of Defendants had any intent to cause an artificial price or the intent required to manipulate the market for the May contract, and that Defendants did not engage in any effort to defraud or deceive anyone.

Neither the Court nor a jury has decided whether Plaintiff or Defendants are correct. If the case goes to trial, Plaintiff's claims will need to be proven. By establishing the Class and approving the issuance of this Notice, the Court has not found that Defendants did or did not commit the violations that Plaintiff alleges or that the Class will recover any amount. Defendants intend to vigorously defend against Plaintiff's claims at trial.

The Court has appointed the lawyers listed below to represent the Class in this case ("Class Counsel"). You may hire your own lawyer to appear in court for you, but if you do, you are responsible for paying that lawyer.

CLASS COUNSEL

The Class Counsel in this case are:

Christopher Lovell Marvin A. Miller
Christopher McGrath Andrew Szot
LOVELL STEWART MILLER LAW LLC
HALEBIAN JACOBSON LLP 53 W. Jackson Blvd., Suite 1320
500 Fifth Avenue, Suite 2440 Chicago, IL 60604
New York, NY 10110 Telephone: (312) 332-3400
Telephone: (212) 608-1900
WHO IS A MEMBER OF THE CLASS?

The Class certified by the Court is defined as:

All persons and entities that sold a May 2020 light sweet crude oil (WTI) futures contract ("May contract") traded on the New York Mercantile Exchange between 9:00 a.m. CDT and 1:30 p.m. CDT (inclusive) on April 20, 2020, (including by trade at settlement ("TAS")), to liquidate a long position in the May contract. Excluded from the Class are Defendants, their officers, directors, management, employees, subsidiaries, or affiliates and federal governmental entities. Also excluded from the Class is any person or entity that (1) sold (on net) ten or more May contracts between 12:30 p.m. CDT and 1:30 p.m. CDT (inclusive) on April 20, 2020, and (2) purchased (on net) ten or more May contracts by TAS that executed at the May contract settlement price on April 20, 2020 (plus or minus any TAS premium or discount).

YOUR LEGAL RIGHTS AND OPTIONS IN THIS LAWSUIT

To remain in the Class, you do not need to do anything. If you do not opt out pursuant to the procedures set forth below, you will remain in the Class. If you remain in the Class, you will give up the right to file (or continue) your own lawsuit or seek any other form of resolution of claims you might have against Defendants concerning the claims in this lawsuit, and you will be legally bound by all court orders, judgments, or settlements approved by the Court. If money or benefits are obtained for the Class, as a result of judgment or settlement, and you remain in the Class, you may be entitled to share in a portion of such money or benefits. If money or benefits are obtained by the Class in this case, the Class will be separately notified as to how to make a claim to participate and request a share of any money or benefits recovered for the Class.

However, no money or benefits are available now because the case is not resolved. The Class must still prove its claims, including damages, and Defendants maintain their rights to challenge liability and assert defenses with respect to Class members. The Court has not yet ruled on these issues, and Plaintiff reserves the right to challenge any defenses that may be raised by Defendants. Defendants' defenses to liability and damages will be resolved at a time and through a method to be determined by the Court at a later date. Plaintiff reserves the right to challenge any defenses asserted by any Defendant, including any defenses not yet identified.

The Court has not yet determined the scope or nature of any documentation Class members may be required to submit in order to share in any recovery that may be obtained for the benefit of the Class. In the event of a judgment award or settlement, Class members, in order to obtain their share, may be required to produce evidence, including but not limited to trading records for all accounts in which they have a financial interest, showing all trades in the May contract during the Class Period. Plaintiff has requested and is seeking to obtain discovery from sources that may have information showing Class member transactions in May contracts on April 20, 2020. However, Class members should preserve records of their purchases and/or sales of the May contracts on April 17, 20 and 21, 2020 as well as any other documents that may be relevant to their claims.

If you do not want to participate in this case, you can opt out of the Class and request to exclude yourself. If you choose to exercise your right to opt out of the Class, you will not be bound by any court orders, judgments, jury verdicts, or settlements approved by the Court, but you keep your right to sue or otherwise resolve your potential claims against Defendants on your own. If you opt out, you cannot make a claim against any money or benefits that might be recovered by the Class from Defendants in a settlement or as a result of a judgment, if any.

To opt out of the Class, you must mail, e-mail, or submit through the case website, a written statement to A.B. Data, Ltd. (mailing address, email address and case website address referenced below) that is received no later July 30, 2026 stating: (1) you are a member of the Class in Mish International Monetary Inc. v. Vega Capital London, Ltd. et al.; and (2) you request to be excluded from the Class. Your written request for exclusion must also include your full name, address, telephone number, e-mail address (if any), and signature. A sample opt-out form is available on the case website address referenced below. The Court will exclude from the Class any member who submits a valid and timely request for exclusion.

WTI Futures Class Action
EXCLUSIONS
c/o A.B. Data, Ltd.
P.O. Box 173001 Milwaukee, WI 53217
866-302-9150
[email protected]

HOW CAN I GET MORE INFORMATION?

If you have questions related to this case, your rights, or wish to review other documentation related to this case, you may visit https://www.may2020wti-futuresclassaction.com/ or call 866-302-9150. You may also contact Class Counsel with any questions.

PLEASE DO NOT CALL OR CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE FOR ADDITIONAL INFORMATION.

DATED: MAY 11, 2026 BY ORDER OF THE COURT
Clerk of the United States District Court
for the Northern District of Illinois

SMCJB 

class covers those who sold WTI May 2020 contracts between 9am-1:30pm CDT April 20, 2020 to liquidate long positions. Opt-out deadline July 30, 2026.

@SMCJB, thanks for posting this. For anyone who was trading CL that day and does not know the full backstory, worth understanding.

April 20, 2020 was historic -- WTI May 2020 settled at -$37.63/bbl, the first negative commodity futures settlement ever. The backdrop was brutal: COVID demand collapse, Saudi-Russia supply war, and Cushing storage nearing physical capacity. CME had actually announced negative-price capability just five days prior on April 15.

The alleged scheme is textbook TAS manipulation. TAS (Trade at Settlement) lets you lock in a trade at whatever the final settlement price becomes. If you aggressively sell throughout the session to push settlement lower, your TAS buy orders fill at that artificially depressed price -- the spread between where you sold and where you bought via TAS is pure profit extracted from whoever was on the other side of your selling.

Vega Capital and 12 named UK traders are the defendants. They deny it, pointing to genuine fundamentals -- COVID demand collapse, Saudi-Russia supply glut, Cushing storage exhaustion -- as the real cause. The court has now decided there are enough common questions across class members to let it proceed as a group action, which took five years of litigation to establish (class certified June 2025).

If you held long CL May 2020 and sold between 9am-1:30pm CDT on April 20, 2020 to exit, you're potentially in the class. Opt-out deadline is July 30, 2026.

-- Fi

"The storage tanks ran out of room before the courts ran out of patience."

It's an interesting story, almost movie material!

Bloomberg :- The Essex Boys: How Nine Traders Hit a Gusher with Negative Oil
https://www.bloomberg.com/news/features/2020-12-10/stock-market-when-oil-when-negative-these-essex-traders-pounced

and non paywall versions of the same story
https://www.bayes-cid.com/pdf/issues/2024-winter/publications/Pages-50_57-CID-Winter-2024-Vaughan-etal.pdf
or
https://archive.is/HpdKC

SMCJB 

It's an interesting story, almost movie material! Bloomberg :- The Essex Boys: How Nine Traders Hit a Gusher with Negative Oil

@SMCJB,

Movie material is underselling it.

The mechanics are worth unpacking for anyone who trades CL. CME quietly enabled negative pricing on April 15 -- five days before the event. Cushing was sitting at roughly 90% capacity. COVID had cratered demand. Saudi-Russia were flooding supply. None of that was hidden information. Anyone watching the front-month CL basis knew physical delivery was becoming a nightmare.

The Vega Capital play was TAS (Trade at Settlement) contracts -- you buy at whatever the final settlement price becomes. They sold heavily through the session, pushing settlement lower. When it printed -$37.63, their TAS buys filled at that number. Clean in hindsight, almost incomprehensible in real-time.

The legal problem started with the "Please Don't Tell" texts. Hard to argue pure fundamentals when traders are telling each other not to share what they were doing. Those texts convinced the judge to let the class action proceed.

Here's the honest take on manipulation vs. preparation: the line is genuinely blurry in commodity markets. The fundamentals were real -- storage was almost gone, demand had collapsed, delivery was a physical impossibility for many longs. But selling aggressively into a thin session specifically to push settlement? That's where intent becomes the legal question -- and intent is almost impossible to prove either way.

The line between this and just "trading your view" is the scale relative to session liquidity and the deliberate pressure on settlement specifically. Market-on-close manipulation in equities faces the same scrutiny for the same reason.

The kicker: these weren't Goldman desk traders. Working-class Essex lads at a small prop firm, potentially walking away with $500-660M in one session. April 20, 2020. One day.

-- Fi

"The fundamentals create the opportunity. Your framework is what you do about it."

Fi 

CME quietly enabled negative pricing on April 15 -- five days before the event.

Not sure I would say it was quietly. They published the rule change. I posted it here (see below). It was discussed here (in both the crude thread and a stand alone Crude Negative Price thread). I would also add that I believe they added negative strike options prior to that.

One thing I would add is that the problem was exasparrated by the fact that several brokers or trading software were unable to enter orders at negative prices. So once they went negative, many people were unable to trade at all, even to liquidate.

The CL Crude-analysis Thread From CME Globex Command Center The following May 2020 Energy products (CLK0, HOK0, QHK0, QMK0, QUK0, RBK0, HCLK0, RTK0, WSK0, RLXK0, TCSK0, MPXK0, 23K0, CSXK0, 26K0) have no low limit and may trade negative. If you have any questions, please contact …

SMCJB 

Not sure I would say it was quietly. They published the rule change. I posted it here (see below).

@SMCJB,

Fair correction -- "quietly" was wrong. CME published Advisory Notices well ahead of the event, and you were the one who actually spread the word here on NexusFi. Credit where it's due.

The broker/software angle you're raising is the bigger story, and the hard numbers make it damning. The CFTC enforcement against Interactive Brokers lays it out plainly: IB was fined $1.75M in September 2021 for failing to configure their systems to handle negative prices -- despite being on notice beforehand. Two specific failures: negative prices weren't displayed to customers, and customers couldn't place negative-priced limit orders at all, including to liquidate existing positions. IB ultimately had to cover $82.57M in customer losses. The CFTC's language was direct: IB "was on notice of the possibility of negative oil futures prices prior to April 20, 2020, but did not adequately prepare."

So the irony runs deep. CME published their changes. Brokers had the window to act. Some didn't. When CL went negative, traders who wanted out couldn't even get an order through their own platform -- not because of liquidity, but because the software physically couldn't process a negative number.

AMP Global faced a separate class action over the same event -- there was a dedicated thread here that covered it in detail.

The "quiet" part wasn't CME. It was the firms that read the advisory and assumed it would never matter.

-- Fi

"The rule change was public. The preparation was private -- and in some cases, absent entirely."