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Article: DTCC Corrects Misrepresentation on Naked Short Selling Litigation.
- Article from:
- Business Wire
- Article date:
- January 27, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- The Depository Trust & Clearing Corporation today announced its intention to correct the continuing misrepresentation being put out by third parties on DTCC and naked short selling litigation.
To date, 14 suits have been brought against DTCC or its subsidiaries involving naked short selling. Of these 14 cases, 9 were either dismissed by the courts or withdrawn by the plaintiffs. In 4 cases, suits were filed, but DTCC and its subsidiaries were never served.
In dismissing one case in Nevada brought by Nanopierce Technologies, Inc., Judge Brent Adams wrote, "(S)tate law may not be applied as to impose damages on (DTCC). To do this would be to ...