Three big law firms have joined forces to pursue legal action against major U.S. stock exchanges, claiming the exchanges handed unfair advantages to high-frequency traders to the detriment of regular investors.
The lawsuit, filed in the U.S. District Court of the Southern District of New York, could test a cornerstone of U.S. securities law: exchanges’ immunity from lawsuits seeking damages.
via Law Firms Sue Stock Exchanges Over High-Frequency Trading – Law Blog – WSJ
