The government's claims of rampant fraud in Chicago's commodities-trading pits received a major blow on Mar. 13 when a federal jury returned not-guilty verdicts on a majority of counts in the trial of 12 yen-futures traders. After a five-month trial and more than 20 days of deliberations, the jury returned not-guilty verdicts on 115 counts and declared itself deadlocked on 80 counts in the indictment.
Significantly, no verdicts were returned on racketeering charges against six of the traders. The government, which had hoped the yen case would build on momentum from the convictions of 30 traders from three other Chicago futures pits, vowed to retry the case.