Exchanges Win Dismissal Of High-Speed Trading Cases
Law360, San Diego (April 28, 2015, 10:52 PM EDT) -- A New York federal judge on Tuesday tossed proposed class actions accusing the New York Stock Exchange, Nasdaq and other large exchanges of breaking contracts with investors by giving high-frequency traders early access to market data, ruling that the claims were preempted and should be brought before the U.S. Securities and Exchange Commission.
U.S. District Judge Katherine Forrest granted the exchanges’ motions to dismiss three proposed class actions with prejudice, finding that the claims by named plaintiff Harold Lanier, a stock and options trader, were preempted by a federal regulatory scheme and that the allegations were nevertheless insufficient to state a...
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