Exchanges Defend Bid To Appeal 'Flash Boys' Suit Survival
Law360 (July 11, 2019, 5:31 PM EDT) -- Major U.S. stock exchanges said Wednesday that the survival of litigation accusing them of helping high-frequency traders get an unfair advantage creates legal questions that need to be addressed by an appeals court.
The group of seven exchanges is fighting investors' contention that their suit, inspired by the best-selling 2014 high-frequency trading exposé "Flash Boys," is similar to "virtually any class action" and that its recent survival of a dismissal motion does not merit a Second Circuit review, as appeals that come in the middle of litigation are only granted in special circumstances.
"Plaintiffs argue that certifying the order would 'open the floodgates...
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