Legal Opinion
Newton v. Merrill Lynch, Pierce, Fenner & Smith, Inc.
Court of Appeals for the Third Circuit
Decided August 6, 2001No. 00-1586UnknownCited by 96 opinions
1Opinion of the Court
OPINION OF THE COURT
SCIRICA, Circuit Judge.
In this putative class action under § 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, thousands of investors sued their broker-dealers, who traded on the National Association of Securities Dealers Automated Quotation System (NASDAQ), for breaching their duty of best execution. Despite the broker-dealers’ duty to execute trades under the most “favorable terms reasonably available,” the investors charge the defendants executed orders at the price offered on the central National Best Bid and Offer system (NBBO), failing to investigate other…
2Cases cited67 opinions
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- General Telephone Co. of Southwest v. FalconSupreme Court of the United States · 1982
- Eisen v. Carlisle & JacquelinSupreme Court of the United States · 1974
- Coopers & Lybrand v. LivesaySupreme Court of the United States · 1978
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3Cited by96 opinions
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