NEW YORK, Sept. 14, 2011 /PRNewswire/ -- On September 12, 2011, Judge Leonard B. Sand of the United States District Court for the Southern District of New York dismissed with prejudice claims against TradingScreen Inc., its subsidiary TradingScreen Brokerage Services, LLC and its Chief Executive Officer Philippe Buhannic asserted by Patrick Egan, a former employee of the company, under the Dodd-Frank Act and Securities Exchange Act of 1934. In a prior decision dated May 4, 2011, Judge Sand held that Egan had not alleged sufficient claims under either statute, but afforded Egan the opportunity to replead his claims. In dismissing the Dodd-Frank whistleblower allegations in Egan's amended complaint, the judge expressly noted that Egan's allegations "are contradictory" and characterized his Dodd-Frank claims as "vague and inadequately pleaded." In dismissing the securities fraud claim in the amended complaint, the judge expressly stated that Egan's "factual allegations cannot support the various alternative and contradictory inferences... that he offers."
The company is pleased with the court's decision, as from the beginning we have maintained that the alleged claims were baseless and without merit.
TradingScreen is the leading independent provider of electronic trading solutions to the Buy Side. The company offers a suite of execution management and connectivity solutions encompassing all asset classes across global markets. TradingScreen's goal is to simplify the complexity caused by market fragmentation and the proliferation of asset class and broker specific trading tools, by consolidating execution management of both exchange traded and OTC instruments on a single platform. TradingScreen brings the major global sell side participants and leading regional brokers to a common environment. The benefit to clients is an exceptional reach across counterparties, products, geography, and services ranging from execution to algorithmic trading services, prime brokerage and clearing. This functionality is delivered through a proven and reliable ASP install- and-support model. TradingScreen provides global coverage from offices in New York, Chicago, London, Paris, Madrid, Geneva, Sao Paulo, Hong Kong, Singapore, Sydney, and Tokyo. For more information, please visit: (www.tradingscreen.com)
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