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E-Trade Beats Suit Over Glitch Tied To Oil Price Drop, For Now


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E-Trade Beats Suit Over Glitch Tied To Oil Price Drop, For Now
Law360 (March 12, 2021, 6:57 PM EST) A California federal magistrate judge is giving a trio of traders 30 days to amend their negligence claims against E-Trade Securities LLC related to a system failure its trading platform experienced when crude oil futures prices plunged into negative territory last year.
U.S. Magistrate Judge Jacqueline Scott Corley on Thursday dismissed the traders lawsuit claiming that E-Trade violated California s unfair competition law and was grossly negligent for allowing its platform to crash during last April s oil price plummet, causing traders to be locked out of selling their positions in oil futures. ....

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