FINRA Can Sue Ex-Member To Collect Fines: Judge

Law360, New York (April 2, 2009, 12:00 AM EDT) -- A federal judge has ruled that the Financial Industry Regulatory Authority can sue a stockbroker to enforce a fine levied by the U.S. Securities and Exchange Commission, dismissing a lawsuit filed by stockbroker John J. Fiero against FINRA.

Judge Vitor Marrero of the U.S. District Court for the Southern District of New York on Thursday dismissed Fiero's suit for a declaratory judgment that FINRA cannot sue to collect a $1 million fine levied on Fiero in 2000 for manipulating securities prices. The judge denied a motion...
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.