On June 25, 2019, DOJ announced that Merrill Lynch Commodities Inc. (“MLCI”), a global commodities trading business, entered into a non-prosecution agreement in connection with DOJ’s investigation into the market for precious metals futures contracts.  DOJ alleged that precious metals traders employed by MLCI provided misleading information to the futures markets by placing orders for futures contracts that the traders intended to cancel before execution.  DOJ maintained that these canceled orders created a misleading impression of increased supply or demand in the market, which in turn may have induced other market participants to buy and sell futures contracts at quantities, prices, and times that they otherwise may not have.  In connection with the NPA, MLCI has agreed to pay a combined $25 million in fines, restitution, and forfeiture of trading profits.

DOJ Press Release