By Evan Weinberger

Law360, New York (January 17, 2012, 4:19 PM ET) -- The U.S. Supreme Court on Tuesday rejected Standard Investment Chartered Inc.'s challenge to a lower court's ruling that the Financial Industry Regulatory Authority was entitled to immunity as a self-regulatory organization in a putative class action alleging misrepresentation in the merger that created FINRA.

Standard's suit, filed in 2007, to revive a class action claiming that misrepresentations in a proxy statement urging shareholders in the National Association of Securities Dealers Inc. to approve the merger with the New York Stock Exchange's regulatory branch that ultimately produced...