Nasdaq Says It Is Immune From Facebook IPO Suit

Law360, Los Angeles (July 3, 2013, 3:54 PM EDT) -- Nasdaq OMX Group Inc. on Tuesday urged a New York federal court to dismiss a proposed consolidated class action over its role in Facebook Inc.'s problematic initial public offering, saying the stock exchange's legal status as a self-regulatory organization shields it from litigation stemming from investors' losses.

Nasdaq argues that claims brought against it by investors and trading firms were precluded under the doctrine of SRO immunity because its role in Facebook's IPO fell under its normal regulatory responsibilities. Even if Nasdaq wasn't immune, the motion says, the plaintiffs failed to adequately plead negligence and violations of federal securities...
To view the full article, register now.