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PEARL SECURITIES LLC v. KNIGHT EQUITY MARKETS, L.P.

34 A.D.3d 389 (2006)

827 N.Y.S.2d 8

PEARL SECURITIES LLC, Appellant, v. KNIGHT EQUITY MARKETS, L.P., Respondent.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided November 30, 2006.

In this declaratory judgment action, plaintiff Pearl Securities LLC alleges that in some 45 transactions in November and December 2004 it purchased millions of shares of stock in 10 publicly traded corporations through its broker, nonparty vFinance Investments, Inc.; that because each transaction settled on a "cash" or "same-day" basis on the day each was agreed to, it was the record owner of all the shares on the day each transaction occurred; that $5.8 million in dividends...

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