Commentary

Derek Edward Schloss
Traders Magazine Online News

What the !@#$ is a Security Token?

In this first part of a series, Mr. Schloss will begin to explain what a security token is by explaining how the building blocks of securities law are fundamental to understanding the tremendous value security tokens will one day unlock.

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January 1, 2003

Grubman Faces Nasdaq Nemesis

By Staff Reports

A huge class action lawsuit has been filed against Salomon Smith Barney and Jack Grubman. This lawsuit, filed by the high-powered law firm Lovell Stewart Halebian, charges that Salomon and others caused the market price of XO Communications to be artifically inflated.

The Halebian firm, which has selected senior partner Christopher Lovell to argue the case in U.S. District Court in Manhattan, represents clients with at least $130 million in losses in a period between 1997 and 2001, according to the complaint.

The complaint also charges that Salomon lead telecommunications analyst, Jack Grubman, maintained a buy recommendation on XO Communications to ensure that his employer was able to obtain and support fat investment banking business. Lovell's presence in the lawsuit has attracted much interest. He was the lead attorney who recovered more than $1 billion in an anti-trust price-fixing lawsuit against Nasdaq.