FINRA Merger Immunity Ruling Appealed To High Court

Law360, Washington (September 30, 2011, 5:28 PM EDT) -- Standard Investment Chartered Inc. asked the U.S. Supreme Court last week to revive its putative class action alleging misrepresentation about the merger that created the Financial Industry Regulatory Authority, in which the Second Circuit held FINRA has immunity as a self-regulatory organization.

The suit, first lodged in 2007, 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 ultimately produced FINRA.

In February the Second Circuit said...
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