Citi's LavaFlow Pays $5M To Settle SEC Data Leak Charges
Law360, New York (July 25, 2014, 12:13 PM EDT) -- Citigroup Inc. unit LavaFlow Inc., a leading alternative trading platform, agreed Friday to pay $5 million to settle U.S. Securities and Exchange Commission charges of failing to protect confidential trading data, marking the latest action regulators have taken against off-exchange trading venues.
The case was filed as a settled administrative proceeding with LavaFlow not admitting or denying wrongdoing. Of the settlement figure, the firm will pay a $2.85 million penalty, which the SEC said is its largest to date against an alternative trading system.
One alleged violation stemmed from LavaFlow allowing an affiliate to access and use confidential information about the...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!