The information contained on this web page is only a summary of information presented in more detail in the Notice, which you can access by clicking here. Since this website is just a summary, you should review the Notice and Settlement Agreement for additional details.

IF YOU PURCHASED OR SOLD ANY E-MINI DOW FUTURES CONTRACT(S), E-MINI S&P 500 FUTURES CONTRACT(S), AND E-MINI NASDAQ 100 FUTURES CONTRACT(S) (COLLECTIVELY, “E-MINI INDEX FUTURES”) OR OPTIONS ON E-MINI INDEX FUTURES ON THE CHICAGO MERCANTILE EXCHANGE (“CME”) AND/OR THE CHICAGO BOARD OF TRADE (“CBOT”) FROM AT LEAST MARCH 1, 2012, THROUGH OCTOBER 31, 2014 (THE “CLASS PERIOD”), YOUR RIGHTS MAY BE AFFECTED BY THIS PENDING CLASS ACTION SETTLEMENT AND YOU MAY BE ENTITLED TO A PORTION OF THE SETTLEMENT FUND.

What Is This Action About?
Class Plaintiffs allege that Defendants, a group of futures traders and the trading firm that employs them, unlawfully and intentionally manipulated E-mini Dow Futures contract(s), E-mini S&P 500 Futures contract(s), and E-mini NASDAQ 100 Futures contract(s) (collectively, “E-Mini Index Futures”) traded on the Chicago Mercantile Exchange (“CME”) and/or the Chicago Board of Trade (“CBOT”) and Options on E-Mini Index Futures from at least March 1, 2012, through October 31, 2014 (the “Class Period”), in violation of the Commodity Exchange Act, 7 U.S.C. §§ 1, et seq. (the “CEA”) and the common law.

Defendants allegedly manipulated the prices of E-Mini Index Futures and Options on E-Mini Index Futures using a technique called “spoofing,” in which they placed orders for E-Mini Index Futures and Options on E-Mini Index Futures and canceled them prior to execution in order to send false supply and demand signals to the market. Defendants allegedly used sophisticated technology and automated trading tools to spoof the market and caused artificial E-Mini Index Futures prices throughout the Class Period. The false pricing information caused the prices of E-Mini Index Futures and Options on E-Mini Index Futures to move in a direction that was favorable to Defendants’ trading positions but harmful to Class Members. Class Plaintiffs transacted in E-Mini Index Futures and Options on E-Mini Index Futures thousands of times during the Class Period, including on days identified as examples of spoofing in regulatory filings against Defendants.

Tower Research Capital LLC (“Tower”) does not admit Class Plaintiffs’ allegations and maintains that it has good and meritorious defenses to Class Plaintiffs’ claims and would prevail if the case were to proceed. Nevertheless, to settle the claims in this lawsuit, and thereby avoid the expense and uncertainty of further litigation, Tower has agreed to pay a total of $15 million (the “Settlement Fund”) in cash for the benefit of the proposed Settlement Class. If the Settlement is approved, the Settlement Fund, plus interest earned from the date it was established, less any Taxes, the reasonable costs of Class Notice and administration, any Court-awarded attorneys’ fees, litigation expenses and costs, Incentive Awards for Class Plaintiffs, and any other costs or fees approved by the Court (the “Net Settlement Fund”) will be divided among all Class Members who file timely and valid Claim Forms.

If the Settlement is approved, the Action will be resolved against all Defendants. If the Settlement is not approved, Tower and the other Defendants will remain as defendants in the Action, and Class Plaintiffs will continue to pursue their claims against Defendants.

How Do I Know If I Am A Class Member?
In the Preliminary Approval Order, the Court preliminarily approved the following Settlement Class:

All persons and entities that purchased or sold any E-Mini Index Futures or Options on E-Mini Index Futures on the Chicago Mercantile Exchange (“CME”) and/or the Chicago Board of Trade (“CBOT”) from at least March 1, 2012 through October 31, 2014 (the “Class Period”).

Not everyone who fits this description will be a Class Member. Please see the Notice for a discussion of exclusions from the Settlement Class.

What does the Settlement provide?
Tower has paid $15 million into a fund to be held for disbursement to the Settlement Class and to pay for Court-approved fees and expenses, if the Settlement is approved. The Settlement gives Tower the right to terminate the Settlement in the event that the volume of E-Mini Index Futures or Options on E-Mini Index Futures transacted by Class Members who timely exercise their right to request exclusion from the Settlement Class exceeds a certain percentage.

This is not a claims-made settlement, and Tower is not involved in the development of the Distribution Plan for the Settlement. The Settlement is silent on reversion of the Settlement Amount, and Tower believes that this silence preserves its right to petition the Court for a reversion. Class Plaintiffs disagree and reserve the right to challenge any such petition filed by Tower. The Settlement does not bar Class Members from filing a victim impact statement with the U.S. Department of Justice (“DOJ”) to participate in the DOJ’s victim compensation program, created in connection with the DOJ’s deferred prosecution agreement with Tower relating to criminal charges for same conduct alleged in this Action. See www.justice.gov/criminal-vns/case/tower-research-dpa.

How Will I Get A Payment?
If you are a Class Member and do not exclude yourself, you are eligible to file a Claim Form to receive your share of money from the Net Settlement Fund. Claim Forms must be submitted online at the Settlement Website on or before 11:59 p.m. Eastern time on August 12,2021 OR postmarked by August 12,2021 and mailed to:

Following the timely submission and receipt of your Claim Form, the Settlement Administrator will send you a “Confirmation of Claim Receipt,” which will acknowledge receipt of your Claim and will inform you of important next steps.

How Do I Exclude Myself from the Settlement?
You can exclude yourself by sending a written “Request for Exclusion.” You cannot exclude yourself by telephone or email. Your written Request for Exclusion must be mailed or delivered such that it is received by June 10, 2021, to:



and (a) state the name, address, and telephone number of the person or entity seeking exclusion, and in the case of entities, the name and telephone number of the appropriate contact person;
(b) state that such person or entity requests to be excluded from the Settlement Class in the Action (Boutchard et al. v. Gandhi et al., Case No. 18-cv-7041 (N.D. Ill.)); and
(c) be signed by such person or entity requesting the exclusion or an authorized representative, as well as proof of authorization to submit the Request for Exclusion if submitted by an authorized representative.

The Parties may seek leave of the Court to ask any person or entity that seeks to be excluded from the settlement to provide documents sufficient to prove membership in the Settlement Class; and A Request for Exclusion that does not include all of the required information that does not contain the proper signature, that is sent to an address other than the one designated above, or that is not sent within the time specified shall be invalid and the person(s) filing such an invalid request shall be a Class Member and shall be bound by the Settlement, if approved.

All persons who submit valid and timely Requests for Exclusion in the manner set forth above shall have no rights under the Settlement, shall not share in the distribution of the Net Settlement Fund, and shall not be bound by the Settlement. In addition, such persons will not be entitled to object to the Settlement or appear at the Fairness Hearing.

How Do I Tell The Court What I Think About The Settlement?
If you are a Class Member and you do not exclude yourself, you can tell the Court what you think about the Settlement. You can object to all or any part of the Settlement, Distribution Plan, and/or application for attorneys’ fees, reimbursement of litigation expenses and costs, and any Incentive Awards for Class Plaintiffs. You can give reasons why you think the Court should approve them or not. The Court will consider your views. If you want to make an objection, you may enter an appearance in the Action, at your own expense, individually or through counsel of your own choice, by filing with the Clerk of United States District Court for the Northern District of Illinois a notice of appearance and your objection, and serving copies of your objection on Lead Counsel and Tower’s Counsel by June 10, 2021 to the following email and physical addresses:

Any Class Member who does not enter an appearance will be represented by Lead Counsel.

If you choose to object, you must file a written objection. You cannot make an objection by telephone or email. Your written objection must include:

(i) the name, address, and telephone number of the person or entity objecting (and must be signed by the Class Member (an attorney’s signature is not sufficient));
(ii) the name of the Action (Boutchard et al. v. Gandhi et al., Case No. 18-cv-7041 (N.D. Ill.));
(iii) a statement of the Class Member’s objection or objections, and the specific reasons for each objection, including any legal and evidentiary support the Class Member wishes to bring to the Court’s attention;
(iv) whether the objection applies only to the Class Member, a specific subset of the Settlement Class, or the entire Settlement Class;
(v) documents sufficient to prove the Class Member’s membership in the Settlement Class;
(vi) a statement of whether you intend to appear at the Fairness Hearing, either in person or through counsel and, if through counsel, a statement identifying that counsel by name, address, and telephone number; and
(vii) a list of other cases in which you or your counsel has appeared either as an objector or counsel for an objector in the last five years. If you enter an appearance and desire to present evidence at the Fairness Hearing in support of your objection, you must also include in your written objection or notice of appearance the identity of any witnesses you may call to testify and any exhibits you intend to introduce into evidence at the hearing.

If you do not timely and validly submit your objection, your views will not be considered by the Court. Check the Settlement Website, www.eminifuturesclassactionsettlement.com for updates on important dates and deadlines relating to the Settlement.