The class action lawsuit filed by the city targets the New York and Chicago stock exchanges, NASDAQ and many of the most powerful banks and investment firms in the country: Goldman Sachs, JPMorgan Chase, Bank of America, Morgan Stanley, Citigroup, Credit Suisse, and Charles Schwab, among others. The alleged fraud involving sophisticated high-frequency trading (HFT) firms resulted in the diversion of “billions of dollars annually from buyers and sellers of securities to themselves.”
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