Washington Watch - All-Tech vs. Knight Settlement Unease: Both Sides Charge NASD Arbitration With
Traders Magazine, February 2000
Neither side is happy after an NASD arbitration panel ruled on a complaint brought by All-Tech Investment Group against Nasdaq wholesaler Knight Securities.
At issue are ECN access fees allegedly owed to All-Tech by Knight. The panel dismissed All-Tech's claim against the Jersey City-based wholesaler for $97,537.50 in compensatory damages and $500,000 in punitive damages. The damages were based on the refusal of Knight to pay a 1.5-cent-a-share access fee to the Montvale N.J.-based day trading firm's Attain ECN.
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