Lawyers

• Interactive Brokers ordered to pay $1.2 million for trustee's 'reckless' trades

  A top discount brokerage, Interactive Brokers LLC, must pay $1.2 million to two Texas siblings who alleged the firm failed to stop “reckless trading” by their trust fund overseer, arbitrators ruled on Tuesday.

• Wall St. watchdog discrimination suit may head to trial

  A former securities arbitration official's wrongful termination suit against the Financial Industry Regulatory Authority (FINRA) is set to head to trial, despite the Wall Street watchdog's effort to end the dispute, a U.S. judge has ruled.

• Whistleblower claim against brokerage belongs in arbitration: court

  A TD Ameritrade Holding Corp employee who said the firm retaliated against him for complaining about potential securities law violations must arbitrate the claim instead of suing in court, a federal appeals court ruled on Monday.

• Citigroup to shutter LavaFlow stock trading venue

  Citigroup Inc (C.N) is shutting down its alternative stock trading venue LavaFlow, the bank said on Tuesday, at a time when regulatory scrutiny has increased around broker-run trading platforms, forcing banks to rethink the costs.

• Citigroup to pay $15 million for analyst supervision lapses: FINRA

  A unit of Citigroup Inc must pay a $15 million fine for not adequately supervising communications among its equity research analysts, clients and the firm's sales and trading staff, Wall Street's industry funded regulator said on Monday.

• Bank of America's Merrill fined over short-sale rule violations

  Wall Street's self-funded regulator said on Monday it fined Bank of America Corp's Merrill Lynch unit a total of $6 million over violations of certain short-selling rules designed to prevent market manipulation.

• NYSE to take back policing duties from Wall Street watchdog

  NYSE Group said on Monday it would take back the majority of the policing duties for its two U.S. options exchanges and three stock markets, including the New York Stock Exchange, from Wall Street's self-funded watchdog at the end of 2015.

• Finra's JPMorgan fine on improper reporting of trade is worth 3 minutes of firm's annual profit

  Bloomberg noted that the $95,000 fine imposed by Financial Industry Regulatory Authority on JPMorgan Chase & Co for the latter's failure to report trades properly on the Trace price-tracking system is three minutes of the bank's annual profit.

• Former top executives of WJB Capital Group charged of larceny, fraud-related charges

  The latest arrest of three former executives of a Wall Street firm signaled the intensified efforts of Manhattan District Attorney Cyrus Vance's special bureau to solve complex economic cases in the financial industry.