Knight Announces Successful Conclusion of Dispute Resolution Arbitration With Former Employee
September 23 2004 - 6:00AM
PR Newswire (US)
Knight Announces Successful Conclusion of Dispute Resolution
Arbitration With Former Employee All Improper Termination and
'Whistleblower' Claims Against Knight Dismissed JERSEY CITY, N.J.,
Sept. 23 /PRNewswire-FirstCall/ -- Knight Trading Group, Inc.
(NASDAQ:NITE) today announced a favorable decision reached by an
arbitration panel, conducted by NASD Dispute Resolution, Inc., in
connection with arbitration claims filed on December 27, 2001, by a
former employee, Robert Stellato, against Knight Securities, L.P.
("KSLP"), a Knight Trading Group subsidiary now known as Knight
Equity Markets, L.P. The former employee had sought in excess of
$25 million in damages relating to his employment. "We are very
gratified by the ruling of the NASD's dispute resolution panel,"
said Thomas M. Joyce, Chief Executive Officer and President of
Knight. "We have always believed that once the facts were
presented, Knight would be vindicated, and today we were. We will
continue to pursue our client-focused strategies to build Knight's
business platform and future prospects." The former employee's
central allegation involved his alleged improper termination.
However, the former employee also alleged, among other things, a
"whistleblower" claim for damages based on his allegation that
during a specified period KSLP allowed frontrunning of
institutional orders to occur. KSLP asserted denials of all of the
former employee's claims and asserted certain counterclaims against
the former employee based on allegations that were made in the
former employee's arbitration filing that were later published in
The Wall Street Journal on June 4, 2002. The arbitration hearings
commenced in April 2003 and ended in September 2004. On September
22, 2004, Knight was notified by NASD Dispute Resolution, Inc. of
the decision with respect to the arbitration. All claims related to
the former employee's alleged improper termination at KSLP were
dismissed. In addition, the arbitrators dismissed all of the former
employee's "whistleblower" claims for damages under the New Jersey
Conscientious Employee Protection Act in which he alleged that KSLP
allowed frontrunning of institutional orders to occur. All claims
against KSLP for breach of contract were dismissed, except that the
NASD arbitration panel awarded the former employee the amount of
$19,101.00 (without interest) relating to the calculation of his
override bonus payment for the year 2000. All other claims and
counterclaims in the arbitration were dismissed. Knight noted that
arbitration awards are final and are not subject to review or
appeal by the arbitration panel or by NASD Dispute Resolution, Inc.
Any party wishing to challenge the award in court must make a
motion to vacate or modify the award in a federal or state court of
appropriate jurisdiction. There are very limited grounds for
vacating an arbitration award, and a party must bring a motion to
vacate within the time period specified by applicable statute. For
further information on this proceeding, see the section entitled
"Legal Proceedings" in Part I, Item 3 of Knight's Annual Report on
Form 10-K for the year ended December 31, 2003. Knight is focused
on meeting the needs of institutional and broker-dealer clients by
providing comprehensive trade execution services in equities and
derivatives. A leading execution specialist, Knight offers capital
commitment and access to a deep pool of liquidity across the depth
and breadth of the equity market. Knight also operates an asset
management business for institutions and high net worth
individuals. To be a valued partner, Knight strives to provide
superior client service and will continue to tailor its offering to
meet the needs of its clients. More information about Knight can be
obtained at http://www.knighttradinggroup.com/. Certain statements
contained herein constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on current expectations,
estimates and projections about the Company's industry,
management's beliefs and certain assumptions made by management.
Readers are cautioned that any such forward-looking statements are
not guarantees of future performance and are subject to certain
risks, uncertainties and assumptions that are difficult to predict.
Since such statements involve risks and uncertainties, the actual
results and performance of the Company may turn out to be
materially different from the results expressed or implied by such
forward-looking statements. Given these uncertainties, readers are
cautioned not to place undue reliance on such forward-looking
statements. Unless otherwise required by law, the Company also
disclaims any obligation to update its view of any such risks or
uncertainties or to announce publicly the result of any revisions
to the forward-looking statements made herein; however, readers
should carefully review reports or documents the Company files from
time to time with the Securities and Exchange Commission.
DATASOURCE: Knight Trading Group, Inc. CONTACT: Margaret Wyrwas,
Senior Managing Director, Corporate Communications & Investor
Relations, +1-201-557-6954, , or Greta Morley, Assistant Vice
President, Marketing Communications & Public Relations,
+1-201-557-6948, , both of Knight Trading Group, Inc. Web site:
http://www.knighttradinggroup.com/
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