This securities class action was filed on behalf of all noninstitutional investors who purchased and/or sold equity securities listed on NASDAQ through PaineWebber brokers during the class period.
Retained by Wilmer Cutler Pickering Hale and Dorr
This securities class action was filed on behalf of all noninstitutional investors who purchased and/or sold equity securities listed on NASDAQ through PaineWebber brokers during the class period. The plaintiffs alleged that PaineWebber charged undisclosed commissions on NASDAQ trades executed on behalf of noninstitutional investors and failed to provide “best execution” when executing the trades.
The court found that individual issues predominated and denied certification of the proposed class.
Dr. Allan Kleidon, a senior vice president of Cornerstone Research, analyzed trade data on NASDAQ stocks purchased and sold by the lead plaintiff and other PaineWebber customers, and concluded that it would be impossible to determine on a class-wide basis whether any PaineWebber customer received something other than the best reasonably available price on his or her trades, or to determine on a class-wide basis whether PaineWebber incorporated a commission on top of the best reasonably available price. The court found that individual issues predominated and denied certification of the proposed class.