E-Trade Looks To Duck Suit Over Glitch Tied To Oil Price Drop

Law360 (October 15, 2020, 4:14 PM EDT) -- E-Trade Securities LLC asked a California federal judge Wednesday to toss a "threadbare" lawsuit alleging the company breached its customer contract by allowing its electronic trading platform to crash in April when crude oil futures went negative, locking out traders.

Traders Benjamin Whitesides, Aziz Si Hadj Mohand and Matthew Cheung filed the putative class action against the online brokerage firm after all three were hit with bills following being locked out of selling their positions in oil futures.

But E-Trade said Wednesday it never promised brokers access to its platform at all times, nor the ability to sell orders at negative...

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