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Pastimes : Investment Chat Board Lawsuits -- Ignore unavailable to you. Want to Upgrade?

To: StockDung who wrote (7701)	3/29/2005 7:08:28 PM
From: Kevin Podsiadlik	Respond to of 12465

Interesting decision from 1994, SULLIVAN & LONG v. SCATTERED CORPORATION. Some excerpts: The plaintiffs allege a "market manipulation" on an awesome scale that jeopardized the solvency of the Chicago (formerly Midwest) Stock Exchange. But like the district judge we have difficulty understanding what right of the plaintiffs the "manipulation" violated or how they were harmed. ... Scattered had no intention of delivering any of the LTV stock that it sold short. ... The name for what Scattered did is not market manipulation, but arbitrage. Arbitrageurs are traders who identify and eliminate disparities between price and value, or as in this case between today's price and tomorrow's price where the difference cannot be attributed to any prospective change in value. scattered.com