Legal Opinion
Fiero v. Financial Industry Regulatory Authority, Inc.
Court of Appeals for the Second Circuit
Decided October 5, 2011No. Docket 09-1556-cv(L), 09-1863-cv(XAP)PublishedCited by 44 opinions
1Opinion of the Court
WINTER, Circuit Judge:
John J. Fiero (“Fiero”) and Fiero Brothers, Inc. (“Fiero Brothers”) (together, “Fieros”) appeal from Judge Marrero’s dismissal of their complaint, which sought a declaratory judgment that, inter alia, the Financial Industry Regulatory Authority, Inc. (“FINRA”) lacks the authority to bring court actions to collect disciplinary fines it has imposed. We hold that FIN-RA lacks such authority. We therefore reverse the dismissal of the complaint and vacate the money judgment on FINRA’s counterclaim.
BACKGROUND
a) FINRA’s Role
FINRA is a “self-regulatory organization” (“SRO”) as a…
2Cases cited26 opinions
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- Touche Ross & Co. v. RedingtonSupreme Court of the United States · 1979
- Merrill Lynch, Pierce, Fenner & Smith, Inc. v. CurranSupreme Court of the United States · 1982
- Columbia Broadcasting System, Inc. v. United StatesSupreme Court of the United States · 1942
- Southern New England Telephone Co. v. Global NAPs Inc.Court of Appeals for the Second Circuit · 2010
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3Cited by44 opinions
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- DeKalb County Pension Fund v. Transocean Ltd.Court of Appeals for the Second Circuit · 2016
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