Judge Approves $18.5M Deal In 10-Year NYSE Class Action

Law360, New York (June 10, 2013, 10:01 PM EDT) -- A New York federal judge on Monday approved an $18.5 million settlement in a decadelong consolidated securities class action accusing seven specialist firms of engaging in fraudulent trading schemes at the New York Stock Exchange between 1999 and 2003.

The specialist firms allegedly enriched themselves by conducting proprietary orders for their own firms' accounts to the disadvantage of public orders.

In October, lead plaintiff California Public Employees’ Retirement System settled with LaBranche & Co. Inc., Spear Leeds & Kellogg Specialists LLC, Van der Moolen Specialists USA...
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