Scottrade Allowed Day Trading Violations: Class Action

Law360, New York (February 8, 2012, 6:13 PM EST) -- Scottrade Inc. on Wednesday removed to federal court a putative class action accusing the broker-dealer of allowing its day trading customers to place trades in violation of rules set by the Financial Industry Regulatory Authority.

Scottrade removed the suit, originally filed Jan. 9 in St. Louis circuit court, to the Eastern District of Missouri, under the Securities Litigation Uniform Standards Act, saying the plaintiffs' choice of venue was an attempt to circumvent the heightened pleading standards of the Private Securities Litigation Reform Act.

Filed by three...
To view the full article, register now.