Did he win this suit? http://www.allbusiness.com/specialty-businesses/283892-1.html market plummet of October 1997 seemed to be the logical cause for the former futures trader Victor Niederhoffer's ruin. But according to Niederhoffer, manipulation, not the market, was the true culprit. Niederhoffer is suing the CME and numerous exchange employees, officers, directors and committee members for $105 million, alleging they conspired to improperly set closing prices for options on the S&P 500 futures contract. Niederhoffer, author of the book The Education of a Speculator, was short S&P 500 put options on Oct. 27, 1997. He sold put options betting the stock market would rise. but the S&P 500 fell 64.65 points that day. The Dow Jones Industrial Average lost 554.26. The lawsuit, filed in U.S. District Court in Chicago, says that Niederhoffer's funds, worth more than $57 million just before the market plummet, had their positions liquidated the following day to meet a margin call. The lawsuit also claims CME employees and traders manipulated the closing prices on S&P 500 options to profit from the Niederhoffer fund's loss of $100 million or more. Similar actions took place on Aug. 13, 1998, the lawsuit claims, and caused additional losses of at least $5 million. Craig S. Donohue, CME general counsel, issued a letter to CME members and staff calling the lawsuit baseless. "We have been aware of Mr. Niederhoffer's claims for more than a year. His claims were thoroughly investigated. Mr. Niederhoffer was given documentation demonstrating that he had based his claim on incorrect information," Donohue wrote. "As recently as March 31 this year we made a written offer to permit him to interview our staff and review our records in order to demonstrate that the exchange was absolutely blameless. Mr. Niederhoffer rejected our offer."