United States Second Circuit

In suit alleging that the NYSE failed to regulate and provide a fair and orderly market and that it made misrepresentations about the integrity of its market, order granting motion to dismiss complaint is affirmed to the extent that regulatory claims are barred by the doctrine of absolute immunity. However, dismissal order is vacated as to ruling that lead plaintiffs lacked standing to bring suit under the Exchange Act or Rule 10b-5 for the NYSE's purported misrepresentations concerning market integrity and internal operations.

Appellate Information

• Decided 09/18/2007
• Published 09/18/2007

Judges

• SOTOMAYOR, Circuit Judge:, Before:  JACOBS, Chief Judge, LEVAL and SOTOMAYOR, Circuit Judges.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• Eric Alan Isaacson (William S. Lerach, Mark Solomon, Byron S. Georgiou, William J. Doyle II, Tami Falkenstein Hennick, Lucas F. Olts, on the brief), Lerach Coughlin Stoia Geller Rudman & Robbins LLP, San Diego, CA;  and Christopher Lovell, Imtiaz A. Siddiqui, on the brief, Lovell Stewart Halebian LLP, New York, NY, for Lead Plaintiffs-Appellants.


• For Appellees:
  
• Debra M. Torres, Fried, Frank, Harris, Shriver & Jacobson LLP, New York, NY, for Defendant-Appellee.