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CalPERS Appeals NYSE’s Removal From Suit

Law360 (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...
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