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Dispute Pits SOES Bandit' Against Wholesaler: An ECN Fee Battle Threatens to Engulf Non-Combatant

Traders Magazine, June 1999

William Hoffman

ATTAIN Direct, the online brokerage run by All-Tech Investment Group, has dozens of legal complaints it will file against Nasdaq market makers - unless its fee dispute with Knight Securities is satisfactorily resolved, according to an ATTAIN counsel.

But Knight Securities will be the test case, said Bill Singer, a partner at New York-based securities law firm Singer Frumento, and counsel to ATTAIN. If the firm is forced to take Knight Securities to federal court to recover its fees for securities trades executed since February 1998, ATTAIN may file similar "fill-in-the-blank" complaints against dozens of other market makers.

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