Trader Behind Massive Covid-Era Bet on Treasuries Settles Suit

A trader behind a $2.6 billion bet against US treasuries as the coronavirus pandemic spooked markets in early 2020 has settled a suit that alleged it resulted in huge losses for his own company.

Jan Ralph reached agreement with the liquidators of Blackbrook Asset Management, his trading firm, that collapsed into administration in March 2020, according to an order filed at London’s High Court earlier this month. The liquidators alleged that wagers, which cost the firm almost $250 million, were reckless and constituted wrongful trading — something that Ralph denied.

The terms of the settlement were private and agreed ...