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SEC Regulation of Stock Exchanges and Consolidated Tape Systems

SEC Regulation of Stock Exchanges and Consolidated Tape Systems
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Securities Litigation Update: Eighth Circuit Closes the Door on Securities Class Action Alleging Violation of Broker's Duty of Best Execution, Highlighting Class Certification Challenges in Atypical Fraud Cases | Cadwalader, Wickersham & Taft LLP

On April 23, 2021, in
Ford v. TD Ameritrade Holding Corp.,
1 a panel of the U.S. Court of Appeals for the Eighth Circuit reversed a district court order certifying a class action alleging that TD Ameritrade committed securities fraud by failing to comply with the duty of best execution in executing customer orders. The decision deals a blow to securities class actions based on violations of a broker’s best execution obligation and highlights the difficulties investors face in certifying securities fraud claims outside a typical disclosure-based stock-drop case.
Background
The duty of best execution requires a broker-dealer to seek for its customer’s trade orders “the most favorable terms reasonably available under the circumstances.” ....

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Eighth Circuit Closes the Door on Securities Class Action

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Securities Litigation Update: Eighth Circuit Closes the Door on Securities Class Action Alleging Violation of Broker’s Duty of Best Execution, Highlighting Class Certification Challenges in Atypical Fraud Cases
Friday, April 30, 2021
Ford v. TD Ameritrade Holding Corp.,
1 a panel of the U.S. Court of Appeals for the Eighth Circuit reversed a district court order certifying a class action alleging that TD Ameritrade committed securities fraud by failing to comply with the duty of best execution in executing customer orders. The decision deals a blow to securities class actions based on violations of a broker’s best execution obligation and highlights the difficulties investors face in certifying securities fraud claims outside a typical disclosure-based stock-drop case. ....

New York , United States , Roderick Ford , Paul Engelmayer , Merrill Lynch , Research Co , Us Court , Exchange Act Release No , Td Ameritrade , Financial Corp , Fenner Smith Inc , Supreme Court , National Best , Painewebber Inc , Td Ameritrade Holding Corp , Securities Exchange , Morgan Stanley Co , Holding Corp , Eighth Circuit , Exchange Act , Securities Exchange Act , Federal Rules , Federal Rule , National Best Bid , Third Circuit , Second Circuit ,