Dec. 30 (Bloomberg) -- Jefferies Group Inc. and Nasdaq OMX Group Inc. agreed to go to arbitration to resolve a fraud lawsuit filed by Jefferies over interest-rate swap futures contracts.
Jefferies sued Nasdaq and its International Derivatives Clearing Group LLC in September in New York state court accusing them of fraud and breach of contract. Nasdaq had asked the court to dismiss the complaint or order arbitration.
The two sides “have agreed in principle that this case shall be resolved through arbitration,” lawyers for the companies said in a court filing dated yesterday.
Jefferies claimed IDCG and its International Derivatives unit induced it to enter into the contracts by saying the investment would be “economically equivalent” to transactions in similar instruments in the over-the-counter market.
The case is Jefferies & Co. v. Nasdaq OMX Group Inc., 652560-2011, New York State Supreme Court, New York County (Manhattan).
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