The Philadelphia Stock Exchange cannot be held liable for the injuries a former trader sustained in an incident with a competitor on PHLX’s trading floor because the plaintiff’s case is pre-empted by federal securities law, the Superior Court has ruled in a memorandum opinion.
In its Oct. 17 opinion, the three-judge panel — comprised of Judges Maureen Lally-Green, Jack Panella and Patrick Tamilia — emphasized its ruling reversing a $1.9 million jury verdict was a “very narrow” one. PHLX — found by the jury to be 50 percent negligent — was on the hook for over $1 million, including delay damages, said plaintiffs attorney Brian Grady of Grady & Falcione and defense attorney Carl D. Buchholz III of Rawle & Henderson.
