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Taking the NYSE Specialists to Court

Traders Magazine, December 2003

Gregory Bresiger

The much maligned specialist system, facing investigation by regulators and lawmakers, now has another problem - a federal lawsuit. Legal powerhouse Milberg Weiss, representing a group of individual investors, is suing five specialist firms that traded for individuals on the American Stock Exchange and the New York Stock Exchange between October 1998 and October 2003. The firms named in the litigation, which include LaBranche & Co. and Goldman Sachs' Spear Leeds & Kellogg Specialists, are facing a potential class-action lawsuit. On top of that, LaBranche is facing several other lawsuits.

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