I know where you’re coming from on damages. However, the court already limited the surviving damages theory to specific NWBO stock sales tied to closing prices on alleged spoofing dates. That is the scope of the surviving stock-sale damages claim, which is why a ballpark estimate can be made. Also, federal securities claims are limited to actual damages, not punitive damages. Even if the New York state fraud claim leaves room to argue punitive damages, that does not revive the “stock never recovered” argument or turn this into an unlimited jackpot.
As to your point that “if the exposure were only a few million dollars,” Canaccord would not have settled, I see it the opposite way. If anything, modest exposure makes settlement more logical. Why spend years paying lawyers, experts, and discovery costs if the realistic damages are only a few million dollars? It may simply mean Canaccord made a business decision to cap its costs and move on.
Like you say, let’s see what happens.
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