CBOE, Clearing Agency Must Face Fraud Suit, Ill. Court Says

Law360, Chicago (August 13, 2012, 5:32 PM EDT) -- An Illinois appeals court on Friday revived an investment firm's suit accusing Options Clearing Corp. and the Chicago Board Options Exchange of handing inside information about mutual fund India Fund Inc. to certain traders, finding the defendants are not immune to the claims.

In a 2-1 opinion, a three-judge panel for the Illinois First District Appellate Court reversed a lower court's dismissal of Platinum Partners Value Arbitrage Fund LP's case, finding that the defendants — both self-regulatory organizations, or SROs — are not shielded from the...
To view the full article, register now.