Virtu Financial Investors Advance Suit Over Trading Data Access

Virtu Financial Inc. investors can proceed with their high-stakes, proposed class action alleging the financial services firm misrepresented its safeguards for protecting sensitive client trading information, a federal court ruled.

The investors adequately alleged four categories of false or misleading statements by the trade execution and market-making firm, Judge Nicholas G. Garaufis said in an order entered Tuesday in the US District Court for the Eastern District of New York. They also sufficiently pleaded the necessary level of intent for securities fraud, he said.

• The suit alleges the data at issue formed an “answer key into how some of the ...