Susquehanna Sues 100 'John Does' Over China-Crackdown Insider Trading, Says It Lost $70M+
- Susquehanna Investment Group filed a $100M+ lawsuit in Manhattan federal court on June 29 against 100 unnamed defendants, alleging they pocketed more than $100M by trading on non-public information about China's May crackdown on cross-border brokerages; Susquehanna, which market-made the trades, claims losses exceeding $70M (Bloomberg).
- The suit uses John Doe designations so discovery can identify individuals or networks behind the scheme, marking a rare public fight by a top quantitative market maker over suspected leak-driven trading losses.
- The case puts a spotlight on information-control risks around Beijing's regulatory actions and could ripple through firms exposed to China-linked ADRs and cross-border trading desks.