VIX Futures and VIX Options

DEFENDANT NAME: CBOE Global Markets Inc., CBOE Futures Exchange LLC, Chicago Board Options Exchange Inc.
STOCK SYMBOL: VX, VX01 through VX53, VIX
CASE NUMBER: 18-cv-03074
COURT: United States District Court for the Northern District of Illinois
PRACTICE AREA: Investor Fraud
STATUS: Active
DATE FILED: 04/30/18

On Apr. 30, 2018, Hagens Berman filed a class-action lawsuit against the Chicago Board Options Exchange (CBOE) accusing the entity of negligently failing to address flaws in its system for settling VIX Futures and VIX Options, leaving investors exposed to rampant manipulation. By reason of the same conduct the CBOE violated the Commodities Exchange Act.

The suit seeks to represent anyone who purchased VIX Options or VIX Futures between Jan. 1, 2008, and Apr. 30, 2018, held them on the settlement dates for their instruments, and was harmed as a result of the defendants’ misconduct.


CBOE created and calculates the VIX, the popular “fear gauge” of market volatility. It also profits from transactions in derivative instruments called VIX Futures and VIX Options that trade on its exchange and are settled once a month by reference to a special VIX calculation called the Special Opening Quotation or SOQ.


This proprietary SOQ process, which CBOE designed and executed in pursuit of its own commercial interests, could cheaply and easily be manipulated by traders seeking illicit profits in their trading of VIX Futures and VIX Options. CBOE declined to prevent these abuses because it enjoyed the financial benefit of high trading volume in VIX Futures and VIX Options that accompanied the manipulation.


Hagens Berman has recovered hundreds of millions of dollars for institutional and individual investors defrauded by unscrupulous management of publicly held corporations. Your claim will be handled by experts in securities law.


There is no cost or fee whatsoever involved in joining this action. In the event Hagens Berman or any other firm obtains a settlement that provides benefits to class members, the court will decide a reasonable fee to be awarded to the class' legal team. In no case will any class member ever be asked to pay any out-of-pocket sum


Persons with non-public information regarding VX, VX01 through VX53, and VIX should consider their options to help in the investigation or take advantage of the SEC Whistleblower program.  Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.  For more information, call 510-725-3000 or email

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04/30/18: CASE FILED

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