Case Page

 

Case Status:    SETTLED
On or around 06/16/2016 (Date of order of distribution of settlement)

Filing Date: August 17, 2012

According to the law firm press release, the Complaint alleges that when trading opened on the NYSE on Wednesday, August 1, 2012, Knight Capital was utilizing newly installed trading software that contained a faulty algorithm, or algorithms that did not properly interface with Knight's existing trading network. The faulty software caused Knight Capital to acquire a large volume of stock shares at unfavorable prices. At some point on August 1, 2012, Knight Capital held nearly $7,000,000,000 worth of stocks as a result of the faulty trading algorithm or algorithms. Knight capital sold shares throughout the day and was left with a position of $4,600,000,000 by the close of trading. As a result of these faulty algorithms, Plaintiff and class members have suffered losses.

On December 20, 2012, the Plaintiff filed a Notice voluntarily dismissing the first filed action without prejudice. A related action continues in the District of New Jersey under 12-CV-06760.

On December 13, 2012, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed an amended complaint on March 14, 2013.

A second amended complaint was filed on December 20, 2013.

The parties filed a Stipulation of Settlement on February 10, 2015. Preliminary approval was granted on March 2. Final approval was granted on July 6.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: KCG
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. New Jersey
DOCKET #: 12-CV-01186
JUDGE: Hon. Edward G. Bryant
DATE FILED: 08/17/2012
CLASS PERIOD START: 02/29/2012
CLASS PERIOD END: 08/01/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Davis, Bethune & Jones, LLC
    1100 Main Street, Suite 2930, Davis, Bethune & Jones, LLC, MO 64196
    816.421.1600 816.421.1600 ·
  2. Graves Bartle Marcus & Garrett, LLC
    1100 Main Street, Suite 2700, Graves Bartle Marcus & Garrett, LLC, MO 64105
    816.256.3181 816.256.3181 ·
No Document Title Filing Date
COURT: D. New Jersey
DOCKET #: 12-CV-06760
JUDGE: Hon. Edward G. Bryant
DATE FILED: 12/20/2013
CLASS PERIOD START: 05/10/2011
CLASS PERIOD END: 08/01/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C.
    5 Becker Farm Road , Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C., NJ 07068
    (973) 994-1700 (973) 994-1744 ·
  2. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date
—Related District Court Filings Data is not available