3rd Circ. Says SEC Must Rule On PHLX Fee Dispute

Law360, New York (August 17, 2009, 6:53 PM EDT) -- A Pennsylvania brokerage house will have to appeal to the U.S. Securities and Exchange Commission in its bid to overturn a Philadelphia Stock Exchange Inc. fee-shifting bylaw before it can pursue its claims in the federal court system, a federal appeals court ruled Monday.

The U.S. Court of Appeals for the Third Circuit upheld a lower court's dismissal of PennMont Securities' motion for a temporary restraining order against the Philadelphia Stock Exchange, which was seeking more than $925,000 in legal fees from PennMont.

The Third Circuit...
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