Providence, RI sues firms over stock trades

Print
Email
|

Associated Press

Posted on April 19, 2014 at 12:01 AM

Updated Saturday, Apr 19 at 12:02 AM

Providence, R.I. is suing dozens of Wall Street banks and other financial companies over high-frequency trading.

The suit says stock exchanges, investment banks and others defrauded investors by manipulating market data in favor of split-second stock-trading firms.

The suit's defendants include the Nasdaq Stock Market and the New York Stock Exchange; major banks such as JPMorgan Chase, Goldman Sachs and Citigroup; and trading firms including Chopper Trading and Jump Trading.

The lawsuit comes amid heightened government scrutiny into whether advantages in computer hardware and placement enable some to get millisecond timing advances on trades.

The federal complaint was filed Friday in New York on behalf of investors who traded stocks in the U.S. since April 18, 2009.

Print
Email
|
Business News Video
More Video