Law360 (December 6, 2007, 12:00 AM EST) -- Investment firm Sebastian River Holding's Inc. has filed a lawsuit against the E*Trade Financial Corp., claiming the online brokerage firm illegally manipulated the company's stock.
The suit centers on an allegation that E*Trade suspended all trading in Sebastian River common stock beginning in August 2007. Sebastian River claims that E*Trade and its employees were engaged in collusion and that their actions are in violation of the Racketeer Influence and Corrupt Organizations Act.
“You often hear about these large brokerage firms manipulating stock of small public companies...
Online Brokerage E*Trade Faces RICO Suit
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