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. Last Updated: 07/27/2016

Nasdaq Settlement




NEW YORK -- A federal judge approved a $1.03 billion class-action settlement between 37 brokerages and investors that alleged they were cheated by the firms in a price-fixing conspiracy involving Nasdaq-listed stocks.


The deal, which was brokered last December, is the largest civil antitrust settlement in U.S. history. The companies include the biggest names in the securities world such as Merrill Lynch and Co., Goldman, Sachs and Co., and Salomon Smith Barney Inc. The firms denied any wrongdoing.


The settlement follows government action to discipline the big trading firms for keeping stock prices artificially high - a practice that investigators said increased company profits and raised costs for investors.