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ARTICLE · 07 SEPTEMBER 2015

Big Loss For Plaintiffs In High Frequency Trading Cases

Proskauer Rose LLP
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Last week, SDNY Judge Jesse Furman issued a 51 page decision in In Re: Barclays Liquidity Cross and High Frequency Trading Litigation dismissing all of the cases consolidated under the MDL.

United StatesFinance and Banking
Harry Frischer
Harry Frischer
Brian Friedman
Brian Friedman
Boris Zeldin
Boris Zeldin
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Last week, SDNY Judge Jesse Furman issued a 51 page decision in In Re: Barclays Liquidity Cross and High Frequency Trading Litigation dismissing all of the cases consolidated under the MDL.  In these cases, investor plaintiffs asserted  federal securities law claims under Section 10(b) and 6(b) of the Exchange Act against seven stock exchanges, Barclays PLC, and Barclays Capital Inc., as well as California state law claims against Barclays, based on their contention that defendants' practices permitted high frequency traders ("HFTs") to obtain unfair trading advantages over other investors.  Judge Furman dismissed all the claims because the allegations were insufficient to state a claim as a matter of law.    

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