Judge Throws Shareholder Suit In eSpeed Securities Action

Law360, New York (April 6, 2006, 12:00 AM EDT) -- A shareholder lawsuit against eSpeed Inc., an electronic trading unit of Cantor Fitzgerald & Co., has been tossed by a federal judge, who ruled this week that the shareholders’ claims that executives misrepresented the success of one of the company’s discontinued pricing programs lacked factual basis.

U.S. District Judge Shira A. Scheindlin said in papers filed earlier this week that she harbors "grave doubts" as to whether the shareholders would be able to allege sufficient facts to survive a motion to dismiss, but she did grant...
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