Securities Exchanges Accused Of Overcharging Members

Law360, Philadelphia (August 19, 2013, 10:27 PM EDT) -- A group of market makers are owed millions in improper fees they were charged by securities exchanges in Philadelphia, New York, Chicago and elsewhere as a means of attracting orders from brokers, they allege in a complaint removed to Illinois federal court Friday.

A group of plaintiffs led by Citadel Securities LLC and Ronin Capital LLC claim the exchanges admitted they had accidentally charged improper fees for "payment for order flow" programs — which are used to raise money paid to brokers as a means of...
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Case Information

Case Title

Citadel Securities LLC et al v. Chicago Board Options Exchange Incorporated, et al.

Case Number



Illinois Northern

Nature of Suit



Honorable Robert W. Gettleman

Date Filed

August 15, 2013

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