CalPERS Appeals NYSE’s Removal From Suit

Law360, New York (June 6, 2006, 12:00 AM EDT) -- The California Public Employee’s Retirement System has appealed a decision that removed the New York Stock Exchange as a defendant in a lawsuit alleging that the exchange aided several investment banks in executing fraudulent trading schemes.

“The NYSE steps outside its legitimate regulatory capacity and function when it orchestrates a fraud on investors, and those investors have standing to sue for false statements misrepresenting the very market on which they were induced to trade,” CalPERS said in the appeal.

A federal judge dismissed the NYSE as...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.