Brokers Fail To Split Suits Over Fed Pay Rule Change

Law360, New York (March 22, 2011, 5:52 PM EDT) -- A District of Columbia federal court refused Monday to reconsider its order consolidating a pair of suits filed against the Federal Reserve and Chairman Ben Bernanke over a pending rule that will bar brokerages from paying officers on commission.

On March 11, the U.S. District Court for the District of Columbia merged a suit brought by the National Association of Mortgage Brokers with a similar action brought by the National Association of Independent Housing Professionals Inc.

Three days later, NAMB asked for reconsideration of the order,...
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