Groups Tell Justices To Send Naked Short-Selling Suit To NJ
By Matthew Perlman (November 9, 2015, 8:22 PM EST) -- A trio of outside groups have lent their support to investors suing Merrill Lynch and other Wall Street giants over an alleged naked short-selling campaign, telling the U.S. Supreme Court that the suit belongs in New Jersey state court, where it originated.
Advocacy groups AARP and Public Citizen Inc. and the North American Securities Administrators Association Inc., an association of state securities regulators, filed separate amici curiae last month in the suit brought by shareholders in Escala Group Inc., the target of the alleged short-selling campaign, all urging the court to uphold a Third Circuit decision that found the case should...
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