Fidelity Brokerage Immune From Market Case: 1st Circ.

By Lauren Berg (April 17, 2019, 11:01 PM EDT) -- The First Circuit on Wednesday refused to revive a suit seeking to hold Fidelity Brokerage Services LLC liable for market disruptions caused by its own bad actions, finding that the financial institution is protected by the Bank Secrecy Act's immunity provision.

In a droll 29-page opinion, penned by Circuit Judge O. Rogeriee Thompson, the panel rejected the argument asserted by AER Advisors Inc. and wealthy wine purveyors William and Peter Deutsch that Fidelity cannot get BSA immunity because the financial institution acted in "bad faith" when it "intentionally" filed a suspicious activity report over a 2012 disruption caused by shares of China Medical...

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