Everbright case to begin

A Shanghai court will begin hearing on June 10 a case in which 16 investors are suing Everbright Securities for compensation of 2 million yuan ($320,000), the Labor Daily newspaper reported on Tuesday.

On August 16, 2013, an error by the trading unit of Everbright Securities caused a sudden spike in the Shanghai Stock Exchange, which then fell back down in the afternoon, causing losses for many investors.

China Securities Regulatory Commission (CSRC) decided the firm was guilty of insider trading as it had not properly disclosed the original error.

Everbright was fined a hefty 523.29 million yuan by CSRC on August 30, 2013 in one of the heaviest punishments ever handed down by the regulator.