Jefferies and Nasdaq OMX Group agreed to arbitrate claims by Jefferies that it lost tens of millions of dollars because a Nasdaq subsidiary fraudulently induced the firm to enter interest rate swap futures contracts.  Jefferies filed a 9/16/11 lawsuit against Nasdaq's majority-owned clearinghouse unit, International Derivatives Clearing Group (IDCG), which repeatedly misrepresented that certain contracts were "economically equivalent" to similar transactions handled in the private OTC market. In its claim, Jefferies said the transactions were not similar, and that IDCG let an unnamed counterparty take advantage by setting market prices at levels that were not economically equivalent to the OTC swaps.  The swaps contracts at issue were valued at $150 million, and the counterparty was Chicago-based DRW Trading Group, a person familiar with the matter said at the time. The two parties asked the New York State Supreme Court in Manhattan to put the lawsuit on hold while the companies try and complete an agreement in the arbitration forum.  Jefferies seeks compensatory and punitive damages for Nasdaq's alleged aiding and abetting of fraud, breach of contract and other wrongdoing. The case is: Jefferies & Co v. Nasdaq OMX Group Inc, New York State Supreme Court, New York County, No. 652560/2011. For further details, go to:  [Reuters, 12/30/11].