'Flash Boys' lawsuits thrown out

Michael Lewis - Flash Boys

Michael Lewis may have spelled out the supposed menace of high-frequency trading in his bestseller “Flash Boys.” What he didn’t do is provide a basis for investors to sue stock exchanges or banks.

Bloomberg News reports that on Wednesday, a federal judge in Manhattan rejected a series of court cases alleging the largest U.S. exchanges and a dark pool run by Barclays harmed some customers. The lawsuits were filed on the heels of Lewis’s 2014 book.

'Lewis’s book may well highlight inequities in the structure of the Nation’s financial system and the desirability for, or necessity of, reform', U.S. District Judge Jesse Furman said in a 51-page opinion.

'For the most part, however, those questions are not for the courts, but for commentators, private and semi-public entities (including the stock exchanges), and the political branches of government'.

To access the complete Bloomberg News article hit the link below:

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