As Blawgletter noted earlier today, the Second Circuit held that the New York Stock Exchange lacks "absolute immunity" as a quasi-governmental regulator if it makes false representations about securities trading.  The en banc Eleventh Circuit reached the same conclusion, 12-1, with respect to another securities exchange, the NASDAQ.  The complaint alleged that NASDAQ deviated from its role as a self-regulating organization by falsely "touting" WorldCom stock.  Weissman v. Nat’l Ass’n of Securities Dealers, Inc., No. 04-13575.

Barry Barnett

Feedicon14x14_3 Our feed touts its own horn.