City sues BofA, NYSE, Virtu and dozens of others over HFT

|About: Bank of America Corporation (BAC)|By:, SA News Editor

The city of Providence in Rhode Island has sued Bank of America (BAC), Virtu (VIRT), the New York Stock Exchange (NYX, ICE) and numerous other exchanges, brokerages and traders over high-frequency trading (HFT).

Providence argues that the defendants have siphoned off billions of dollars by rigging the securities markets, as Michael Lewis has claimed in his new book, "Flash Boys."

Providence is seeking unspecified damages from 42 defendants on behalf of all public investors that traded stocks in the last five years.