Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Thursday, March 28, 2024 | Back issues
Courthouse News Service Courthouse News Service

Who Owns the $3.2 Million?

DALLAS (CN) - Apex Clearing Corp., a discount brokerage clearinghouse, asked a state judge to decide who owns $3.2 million it is holding.

Dallas-based Apex filed an interpleader petition against SAMCO Capital Markets, of Austin, and Penson Financial Services, of Dallas, in Dallas County Court. Both claim the money.

Apex says SAMCO deposited the money, but Penson later initiated FINRA arbitration and claims a $2.6 million interest in the funds, plus interest and attorneys' fees. SAMCO then filed a counterclaim, demanding return of the money; Penson demands that the money not be returned.

"Apex has no claim to the funds that it proposes tendering to the court, and the nature of the conflicting demands is causing Apex to be faced with multiple liabilities," the complaint states. "For all these reasons, Apex unconditionally tenders $3.2 million in disputed funds to the court to maintain the status quo and protect the interests of all claimants."

Penson's corporate parent, Penson Worldwide, agreed to form Apex in May with Peak6 Investments LLP. The resulting independently owned clearinghouse took over Penson's clearing operations. Penson's clearing services were used by discount brokers Zecco and Tradeking, among others.

Follow @davejourno
Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...