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Overstock Ties Brokers Into Conspiracy Claim

Law360 (February 2, 2007, 12:00 AM EST) -- Overstock.com Inc. has filed a $3.48 billion lawsuit against a slew of top U.S. brokerages, claiming they conspired in a massive stock market distortion scheme to force the online discount retailer’s share price to fall.

The latest allegations echo accusations made by Overstock Chief Executive Patrick Byrne back in 2005 when he claimed that a group of hedge funds, financial journalists and regulatory agencies plotted together against the company to drag down the value of its stock.

Overstock and five shareholders lodged the suit Friday in...
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