Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Jefferies, Nasdaq Agree to Resolve Lawsuit in Arbitration

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).

To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net.

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.