This month, we discuss Fiero v. Financial Industry Regulatory Authority Inc.,1 in which the U.S. Court of Appeals for the Second Circuit held that the Financial Industry Regulatory Authority Inc. (FINRA) lacks authority to bring court actions to collect disciplinary fines. The panel’s unanimous decision, written by Judge Ralph K. Winter and joined by Chief Judge Dennis Jacobs and Judge John M. Walker Jr., reversed the district court’s dismissal of the plaintiffs’ declaratory judgment action and vacated the money judgment entered by the district court on FINRA’s counterclaim.
Background
The convoluted procedural history of this case spans more than 13 years and includes an assortment of twists and turns. The case, which began as a disciplinary proceeding, wound its way through the New York state court system, eventually landing in federal court.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
