The state Superior Court has ruled that Nasdaq OMX PHLX Inc. — formerly the Philadelphia Stock Exchange — has no authority to file a private action against one of its members in an attempt to collect disciplinary fines imposed under the federal Securities Exchange Act of 1934.

A three-judge panel, reversing the order of Philadelphia Court of Common Pleas Judge Mark I. Bernstein, unanimously ruled that Nasdaq OMX PHLX is not permitted by law to bring a private action in order to try to collect disciplinary fines it has imposed as a self-regulatory organization (SRO).

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