9th Circ. Clears Org. In Short-Selling Case

Law360, New York (August 25, 2008, 12:00 AM EDT) -- A federal appeals court has affirmed the dismissal of a lawsuit alleging that the Depository Trust and Clearing Corporation, the organization that oversees the clearing and settlement of securities in the U.S., engaged in naked short-selling through its stock-borrow program that drove down the price of publicly traded stock.

On Friday, a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit affirmed a Nevada federal judge's ruling that Whistler Investments Inc.'s state-law claims against the DTCC and two of its subsidiary clearing agencies...
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