Court Allows Overstock.com Suit To Proceed

Law360, New York (January 24, 2008, 12:00 AM EST) -- A case filed by online retailer Overstock.com against prime brokers from several major Wall Street firms will proceed, after a California state appeals court refused to grant the brokers' request to dismiss allegations that they engaged in a short selling scheme.

In a ruling handed down on Wednesday, the California First District Court of Appeal refused to grant an application for a writ of mandate filed by brokers from Morgan Stanley & Co., Goldman Sachs & Co., Bear Stearns Securities Corp, Bank of America Securities LLC,...
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