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.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]