Scottrade Wins Restraining Order In Stock Dispute

Law360, New York (December 3, 2007, 12:00 AM EST) -- Discount broker-dealer Scottrade Inc. has won a temporary restraining order that will stop a forced buy-in of 990,000 shares of Modern Energy Corp. stock. Meanwhile, the company will investigate allegedly fraudulent activity related to Modern Energy's recent mandatory stock exchange.

“Additional time is necessary to ascertain the validity of the mandatory stock exchange and to investigate whether it may have been part of a larger scheme to unlawfully manipulate the price of Modern Energy common stock,” Judge Charles A. Shaw of the U.S. District Court for...
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.