Glen Point’s Neil Phillips Fights the Long Arm of US Law (3)

Glen Point Capital co-founder Neil Phillips, convicted of manipulating the foreign-exchange market to trigger a $20 million option, is seeking to get the jury verdict thrown out by arguing the US shouldn’t have gone after a case involving overseas trading in an unregulated market.

In the months since he was convicted of rigging the US dollar-South African rand exchange rate, Phillips has urged the judge to reconsider the scope of the government’s case against him. His lawyers argued at a hearing Friday that US prosecutors in New York had no business making a case about a trade Phillips ...