Dismissal Of FINRA Merger Class Actions Appealed

Law360, New York (March 18, 2010, 1:30 PM EDT) -- Plaintiffs in a pair of putative class actions alleging misrepresentations about the merger that created the Financial Industry Regulatory Authority have appealed the dismissal of their suits.

Standard Investment Chartered Inc. and Benchmark Financial Services Inc. on Tuesday filed an appeal in the U.S. Court of Appeals for the Second Circuit of U.S. District Court Judge Jed S. Rakoff's March 1 order dismissing their suits based on a finding that the defendants have absolute immunity as a self-regulatory organization.

The brokerages lodged the suits in the...
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