Appeals Court Upholds Lower Court Ruling on Finra Damage Suits
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An appeals court ruled that the Financial Industry Regulatory Authority and present and former officers including Securities and Exchange Commission chairman Mary Schapiro are immune from lawsuits in connection with the creation of the brokerage industry regulatory body.
The Second Circuit Court of Appeals let stand a district court ruling related to the consolidation in 2007 of the National Association of Securities Dealers Inc. with the regulatory arm of the New York Stock Exchange to form Finra, according to a decision filed yesterday in Manhattan.