Judge OKs $3.5B Suit Against Brokers: Overstock

Law360, New York (July 18, 2007, 12:00 AM EDT) -- Discount online shop Overstock.com has been given the go ahead by a California judge to sue a slew of brokerage firms in a $3.48 billion case of market manipulation, the company said Wednesday.

Overstock said in a statement on its Web site that California's Superior Court Judge John Munter ruled Tuesday the company and its co-plaintiffs had a viable claim under the state's securities laws.

The suit, filed in February against the largest prime brokers in the U.S., including Morgan Stanley & Co., Goldman Sachs &...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.