Any former IBKR employees who have knowledge of concealed trading losses, losses that proprietary systems were unable to prevent, or that perjury in legal proceedings is routinely suborned at IBKR (which it is in arbitrations), should provide that knowledge to plaintiff's attorneys:
Jeffrey S. Abraham (JA-2945) Jack G. Fruchter(TF-8435) Lawrence D. Levit (LL-9507) ABRAHAM, FRUCHTER & TWERSKY, LLP One Penn Plaza, Suite 2805 New York, New York 14119 Telephone: (212) 279-5050 Facsimile : (212) 279-3655
Edgar, Franky, Dotty, sack, frogface and your 20 other aliases will have to find something else to come up with as the judge laughed in the face of the plaintiff who even paid IB's legal costs. LOL
● Any bear market brings out a rash of shareholder lawsuits, by both professional and amateur litigants. However, a recent lawsuit, Lin v. Interactive Brokers in the US District Court for the Southern District of New York, may cause some prospective plaintiffs to reconsider. The suit alleged that the plaintiff’s purchase of IB stock was based on false and misleading information from the company. The judge, in dismissing part of the suit, wrote that “ . . . it is hard to discuss this purported non-disclosure allegation with a straight face . . . ”
What is interesting here is that the judge’s remarks apparently led the plaintiff to settle, without litigating the undismissed claims, and, most significantly, agreeing to pay part of IB’s legal costs. That possibility has been part of securities laws for a while, now, but there haven’t been many cases where fees have been awarded to successful defendants. In the future, where complaints appear to be without merit on their face, such awards could become routine.
An IBKR apologist asked in another posting on here, "how could IB conceal trading losses? Well, one way would be to SIMPLY LIE ABOUT THEM. Which, if you read the complaint in the class action securities fraud suit that is pending against IB, you will immediately see has been done in the past. Kinda like Enron.