'Market Makers' Manipulated Pfizer Trades, 3rd Circ. Told

Law360, New York (October 3, 2017, 6:04 PM EDT) -- An investor who accused certain Philadelphia Stock Exchange investor groups of using a sophisticated trading strategy to deprive other investors of Pfizer Inc. dividends on Tuesday urged the Third Circuit to revive his securities class action, arguing that investors rely upon on a bona fide market, free of manipulation.

The alleged conspiracy by “market makers” such as Bedrock Trading Ltd. of making large, prearranged trades of Pfizer stock on the eve of purchase cutoff dates limited the ability of smaller investors such as I. Stephen Rabin...
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