Lawsuit accuses exchanges of discriminating against some investors by giving "advanced access" to others.
The high-profile attorney Michael Lewis filed a class action lawsuit against 13 stock exchanges for high-frequency trading on Friday, according to a report by The Guardian. The exchanges include the NYSE, BATS, NASDAQ and CBOE.
The case, on behalf of Harold Lanier, was filed in the U.S. District Court for the Southern District of New York and charges that the exchanges discriminated against investors by selling “advance access” to market data through private feeds and co-location services, according to a CNBC report.
Lewis, who is unrelated to Michael Lewis, the author who recently wrote a book condemning high-frequency trading, is known for leading a class action suit on behalf of the state of Mississippi against the tobacco industry in the early 90s.
According to the court document, “This is a case about broken promises.” The document is signed by eight legal firms and comes months after a similar case was brought forward by Providence, R.I.
The case was filed on May 22 and is one of many other expected high-frequency trading cases.