Judge Alvin W. Thompson of the District Court of Connecticut has submitted a proposal for protective order by interactive brokers.
The proposal sought to prevent the deposition of Thomas Peterffy, the Chairman of the Board of Directors and the former CEO of Interactive Brokers Group, Inc. (“IBKR”).
Let us remind you that, in this lawsuit, Robert Scott Batchelar blames interactive brokers, LLC of negligent design of his software, so that an automatic clearance of positions in his account costs him thousands of dollars more than he should.
Let us note that Batchelar began this lawsuit in December 2015, filed a complaint claiming claims for breach of the contract, negligence and commercially irrational clearance of committed collateral. Batchelar states that the current theory of his responsibility is that the automatic moisture software of interactive brokers was designed, coded, maintained and used to allow for a clearing transaction less favorable to the customer than the terms of clearing transaction.
The interactive brokers have been moved for a protective series that excludes the deposition of Thomas Peterffy. On July 17, 2025, the court denied the proposal.
The judge explained that, after examining the plaintiff’s response and support documents, the court concluded that the plaintiff did adequately showing that the requirements for a summit were being met.
“The deposits of senior executives are permissible when such senior executives were directly involved in the underlying claims or if the subordinates are unable to make sense in their deposits.”
Because the deposition was initially observed for July 9, 2025, the parties should proceed immediately with the deposition.