No Absolute Immunity For Exchanges, SEC Tells 2nd Circ.

Law360, New York (November 29, 2016, 9:04 PM EST) -- The U.S. Securities and Exchange Commission told the Second Circuit that national securities exchanges do not enjoy absolute immunity and that the self-regulatory organizations are subject to the jurisdiction of district courts, according to an amicus brief filed Monday in an appeal by several groups of investors to revive their "Flash Boys"-inspired suits.

The appeals court asked the SEC to weigh in on the issue, and the agency came down squarely in opposition to a decision last year by U.S. District Judge Jesse Furman, who tossed...
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