Commentary

Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

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June 30, 1998

At Deadline - Settlement

By John A. Byrne

The proposed distribution of a record-breaking $1.03 billion in the Nasdaq price-fixing lawsuit is scheduled for consideration September 9 by Federal District Court in New York. The proposal will be filed by attorneys representing investors whose May 1994 lawsuit accused 37 Nasdaq market makers of conspiring to artificially widen spreads.

Notifying investors that qualify as members of a court-certified class required a mail campaign to several million former customers of the accused firms.

The market-making firms assisted in the outreach. Additionally, a $1.9 million national advertising campaign helped track down potential class members.

"This is apparently the largest recovery in the history of federal or state anti-trust laws," said co-lead plaintiff attorney Arthur M. Kaplan in a prepared statement. "Now the job is to provide notice about the settlements and the 1,659 class securities [at issue in the case] to investors."

Subject to court approval, attorneys for investors will send a notice to class members proposing a plan for allocation and distribution.