July 31, 2018 / 9:26 PM / 6 months ago

2nd Circuit declines to revive customer lawsuit against E*Trade

A federal appeals court has declined to revive a proposed class action accusing E*Trade Financial Corp of routing customers’ trades to dealers and exchanges that paid the most for the orders instead of those who would give customers the best price.

In a decision on Monday affirming a lower court’s dismissal, a three-judge panel of the 2nd Circuit Court of Appeals said that although customers brought breach of duty claims, the claims relied on misrepresentations and are essentially fraud-based and thus precluded by the Securities Litigation Uniform Standards Act (SLUSA).

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2mYXWdq

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