Judge Won't Hear Philly Stock Exchange Fine Dispute

Law360, Philadelphia (October 18, 2012, 3:54 PM EDT) -- A Pennsylvania federal judge said Wednesday that she would not consider arguments over an apparent conflict between state court and Second Circuit rulings over whether the former Philadelphia Stock Exchange has the authority to bring legal action to collect disciplinary fines imposed on traders.

U.S. District Court Judge Anita Brody ruled that because NASDAQ OMX PHLX LLC, formerly known as the Philadelphia Stock Exchange, had not commenced any action against Market Street Securities Inc. and sole shareholder Stephen Cheseldine for allegations of short trading, she did...
To view the full article, register now.