High-Frequency Trading Takes Root In U.S. Securities Class Actions
Professor Joseph Grundfest discusses the impact SCOTUS’s Halliburton decision has had on on class action cases in 2014 in this Reuters article.
Investors have wasted no time making high-frequency trading, the subject of Michael Lewis' recent best-selling book "Flash Boys: A Wall Street Revolt," a focus of securities class-action litigation, according to a study released on Wednesday.
One of 78 federal securities lawsuits seeking class-action status and filed between January and June targets the practice, according to data from Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse.
"Had that decision gone the other way, the already low numbers of class action filings would have been even lower, and would likely be trending toward zero," said Joseph Grundfest, a former commissioner of the U.S. Securities and Exchange Commission who favored overturning the 1988 precedent. He is also a Stanford law professor and director of the clearinghouse.