A claim by institutional investors that the New York Stock Exchange engaged in misconduct in its dealings with seven firms that process stock transactions was reinstated Tuesday by a federal appellate court.

The 2nd U.S. Circuit Court of Appeals, in In re: NYSE Specialists Securities Litigation, 06-1038-cv, revived the claim of the California Public Employees’ Retirement System and other plaintiffs that the exchange had misrepresented its market integrity and internal operations. The court said the investors had standing to make that claim.

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