MassMutual defeated “meme stock” market manipulation allegations made by a retail investor, who also sued influential WallStreetBets trader Keith Gill, known as “Roaring Kitty” on social media platforms.
The suit alleged supervisory failures while the company employed Gill as a broker and representative, amounting to market manipulation as a result of his outsized influence on the share price of meme stocks, like that of video game retailer GameStop Inc., according to a dismissal order filed Monday in US District Court for the District of Massachusetts.
Plaintiff Douglas Rosenberg’s year-old lawsuit relies on “conclusory assertions” that MassMutual’s failure to supervise Gill ...
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