Grifco Inc (GFCI)

[cyofish]

Class action will go after the brokerage firms - Ameritrade, Etrade etc. who executed the trade despite getting copies of the court order not to. The entire litigation was about how to resolve the discrepancy and the judge ordered the brokerage houses not to take action until it is resolved. The brokerage houses took action anyways and bought CTBG shares at whatever price it was available at. The brokers can ultimately blame DTC but they are not innocent either.

The victims can require the brokers to restore their accounts to as it was prior to them pulling the trigger. It would be significantly cheaper for them to do so, especially considering the number of brokers involved, than to try to defend themselves in court.