In a case of first impression within the 3rd U.S. Circuit Court of Appeals, a federal judge ruled that the National Association of Securities Dealers is entitled to absolute immunity from suit for actions taken in furtherance of its regulatory duties. U.S. District Judge William H. Yohn Jr. also found that the Securities Exchange Act does not provide a private right of action to sue NASD for violating its own rules.
April 11, 2000 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
In a case of first impression within the 3rd Circuit, a federal judge has ruled that the National Association of Securities Dealers is entitled to absolute immunity from suit for actions taken in furtherance of its regulatory duties.
In his 11-page opinion in In the Matter of: Thomas W. Olick, U.S. District Judge William H. Yohn Jr. also found that the Securities Exchange Act does not provide a private right of action to sue NASD for violating its own rules.
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