A SECURITIES firm barred from the New York Stock Exchange for illegally “flipping” stocks has the right to review by the Securities and Exchange Commission, the U.S. Court of Appeals for the Second Circuit has ruled.
Breathing new life into MFS Securities Corp.’s allegations that the stock exchange violated its own rules by terminating the company’s membership without a hearing, the Second Circuit also said that pending a favorable review by the SEC, the company still might have a chance to pursue an antitrust claim against the exchange.
