Market Makers Take Another Stab At Exchange Fee Challenge

Law360, New York (September 16, 2016, 9:24 PM EDT) -- Citadel Securities and other market makers have filed suit alleging several stock exchanges collected unwarranted trading fees, reviving the claims yet another time after the Seventh Circuit ordered the firms to take their allegations to the U.S. Securities and Exchange Commission, and the agency said it didn't have jurisdiction.

Citadel Securities LLC, Ronin Capital LLC, Susquehanna Securities and Susquehanna Investment Group filed their new complaint on Wednesday in Illinois state court, taking yet another swing at claims that five stock exchanges have refused to accept responsibility for improperly charging fees on millions of the market makers' orders.

"There is no dispute...

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