Investor Can't Prove Market Makers' Option Plan Was Illegal

Law360, New York (April 21, 2016, 7:46 PM EDT) -- A Pennsylvania federal judge on Thursday dismissed a proposed class action alleging market makers in the Philadelphia Stock Exchange conspired to cheat smaller options traders of stock dividends, finding the investor bringing the suit couldn't show the traders' conduct was unlawful.

U.S. District Judge Gerald A. McHugh agreed to toss a complicated case alleging that market makers on the Philadelphia exchange, including Sumo Capital LLC, Susquehanna International Group LLP and Bluefin Trading, sought to manipulate the market in order to increase their chances of being able to reap stock dividends, finding lead investor I. Stephen Rabin had failed to show either...

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!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!