Class Actions Over FINRA Merger Tossed

Law360, New York (March 2, 2010, 2:34 PM EST) -- A federal judge has thrown out a pair of putative class actions over the merger that created the Financial Industry Regulatory Authority, ruling that the defendants have absolute immunity as a self-regulatory organization.

Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York on Monday dismissed with prejudice two cases over alleged misrepresentations in a proxy statement urging shareholders in the National Association of Securities Dealers Inc. to approve the merger with the New York Stock Exchange's regulatory branch that...
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