The products at the centre of a subclass suit over market manipulation are the XIV exchange-traded notes (ETNs) that allegedly resulted in US$1.8 billion investor loss.

The four lead plaintiffs - Set Capital LLC, Apollo Asset Ltd, Aleksandr Gamburg and Stefan Jager - were granted the certification by Analisa Torres (below right) , judge of the US District Court for the Southern District of New York on 11 February. Meanwhile, their proposal of a misrepresentation subclass was denied with prejudices - a final ruling in this third and last attempt. Back in March 2023, the federal court certified a Securities Act class they brought in July 2022 under the Securit