NASDAQ Loses Appeal In WorldCom Investor’s Suit

Law360, New York (September 18, 2007, 12:00 AM EDT) -- A federal appeals court has cleared the way for a WorldCom Inc. investor to move ahead with his securities suit alleging that the NASDAQ stock exchange should be held responsible for the losses he incurred when WorldCom's stock dropped drastically after an accounting scandal rocked the company.

The U.S. Court of Appeals for the Eleventh Circuit upheld on Tuesday a lower court’s denial of NASDAQ’s motion to dismiss the complaint filed by Florida attorney Steven I. Weissman and affirmed that NASDAQ is not entitled to immunity...
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