2nd Circ. Told Short-Selling Isn't Antitrust Immune

Law360, New York (September 30, 2009, 2:31 PM EDT) -- Broker-dealers accused of fixing fees charged for naked short-selling are not under the purview of the U.S. Securities and Exchange Commission but are liable to antitrust laws, an attorney for trading firm Electronic Trading Group LLC told the U.S. Court of Appeals for the Second Circuit on Wednesday.

Challenging the dismissal of a putative antitrust class action against the largest broker-dealers in the U.S., ETG attorney Andrew Entwistle of Entwistle & Cappucci LLP argued before a three-judge panel of the appeals court that the SEC had...
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