LONDON (Alliance News) - Barclays PLC and seven major US stock exchanges won the dismissal of nationwide litigation in which pension funds and other investors had accused them of rigging markets in order to benefit high-frequency traders, Reuters reported.
US District Judge Jesse Furman in Manhattan, New York on Wednesday said federal law gives exchanges "absolute immunity" from the key claims made by the plaintiffs, including allegations over the creation of "complex order types" and proprietary data feeds which can benefit high-frequency traders due to their status as self-regulating organisations.
Furman also said the plaintiffs did not show they reasonably relied on misrepresentations made by Barclays about the safety of its "dark pool".
http://uk.reuters.com/article/2015/08/27/uk-highfrequencytrading-lawsuit-idUKKCN0QV29720150827
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Barclays (BARC)
