New York(September 14, 2011) On September 12, 2011, Judge Leonard B. Sand of the United States District Court for the Southern District of New York dismissed with prejudice claims against TradingScreen Inc., its subsidiary TradingScreen Brokerage Services, LLC and its Chief Executive Officer Philippe Buhannic asserted by Patrick Egan, a former employee of the company, under the Dodd-Frank Act and Securities Exchange Act of 1934. In a prior decision dated May 4, 2011, Judge Sand held that Egan had not alleged sufficient claims under either statute, but afforded Egan the opportunity to replead his claims. In dismissing the Dodd-Frank whistleblower allegations in Egan’s amended complaint, the judge expressly noted that Egan’s allegations “are contradictory” and characterized his Dodd-Frank claims as “vague and inadequately pleaded.” In dismissing the securities fraud claim in the amended complaint, the judge expressly stated that Egan’s “factual allegations cannot support the various alternative and contradictory inferences... that he offers."

The company is pleased with the court’s decision, as from the beginning we have maintained that the alleged claims were baseless and without merit.

See a copy of Judge Sand's decision here.