A complaint filed on Friday by the City of Providence accuses high frequency stock traders, stock exchanges and brokerage houses of rigging the stock market at the expense of ordinary investors.  Coming in the wake of publicity from Michael Lewis’ new book, Flash Boys, the suit is brought on behalf of a massive putative class of all investors who bought or sold shares on public exchanges for the past five years.  Among the named defendants are the NASDAQ and New York Stock Exchanges, Bank of America, E*Trade and other banks and brokers.
Continue Reading Complaint Alleges Fraud by High Frequency Traders, Stock Exchanges and Brokers