NASD, NYSE Sued Over Merger

Law360, New York (March 9, 2007, 12:00 AM EST) -- A California company filed a proposed class action Thursday against the National Association of Securities Dealers Inc. and NYSE Group Inc. in an attempt to block the creation of a new self-regulatory organization.

In a complaint filed in the U.S. District Court for the Southern District of New York, Standard Investment Chartered Inc., a NASD member, sought an injunction to stop the regulatory consolidation, claiming the terms of the agreement disenfranchised NASD members.

Standard’s complaint said that the proxy sent to NASD members explaining the consolidation...
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