Regulators Fight Injunction In Securities America Suit

By Bibeka Shrestha (March 15, 2011, 7:17 PM EDT) -- A nonprofit representing state securities regulators asked a Texas federal judge Monday to reject a preliminary injunction that would halt its investigations into Securities America Inc., opposing part of the broker-dealer's $21 million settlement of three proposed class actions.

The North American Securities Administrators Association Inc. — which represents state, provincial and territorial securities regulators in the U.S., Canada and Mexico — argued it should be allowed to continue administrative proceedings against Securities America in Massachusetts and Montana, according to a brief filed in the U.S. District Court for the Northern District of Texas.

The move comes after a Feb. 17...

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