FINRA Immune From Merger Action: 2nd Circ.

Law360, New York (February 22, 2011, 10:40 PM EST) -- The Second Circuit ruled Tuesday that the Financial Industry Regulatory Authority has immunity as a self-regulatory organization and dismissed a putative class action that alleged misrepresentation about the merger that created it.

The U.S. Court of Appeals for the Second Circuit affirmed the decision of the U.S. District Court for the Southern District of New York, which in March dismissed the suits lodged by brokerage firms Standard Investment Chartered Inc. and Benchmark Financial Services Inc.

The suits, lodged in March 2007 and December 2008 and later...
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