Northwest and the defendants are set to meet by June 29th, and in the meantime they’ll likely continue negotiations. If they don’t reach an agreement by then, they would move forward with discovery and submit the required documentation to the court by July 8th, 2026. Discovery would then continue through November 27th, 2026.
Think about the potential revenue impact next quarter if one or two of the lesser defendants reach settlement agreements before the end of June and ahead of discovery beginning in early July (July 8). Once the discussions are completed, the escrowed settlement funds could be released and potentially recognized in the following quarter’s financials.
Litigation Progress. The Company continued vigorously pursuing documents and information both from the defendants and from third parties in the discovery stage of its litigation in New York against certain market makers. On April 30, 2026, the Company and one of the lesser defendants agreed to resolve the Company’s case against that defendant by settlement. The parties so notified the Court. The settlement is confidential. The funds are being held in escrow while the Company pursues discussions with other lesser defendants about resolution of the case against them. The Company anticipates that the funds will be released from escrow when the discussions with the lesser defendants have been completed. See Part II Item 1, Legal Proceedings, below.
Market Data 
Markets 
