Pinnacle Security Investment Associates, L.P. v. American Stock Exchange, Inc.

OPINION

CEDARBAUM, District Judge.

In this action, Pinnacle Security Investment Associates (“Pinnacle”), a limited partnership, sues the American Stock Exchange, Inc. (the “Exchange”) for damages from an alleged violation of § 6(c)(1) of the Securities Exchange Act of 1934 (the “Exchange Act”), 15 U.S.C. § 78f(c)(1). Section 6(c)(1) provides that “[a] national securities exchange shall deny membership to ... any person ... which is not a registered broker or dealer.” The Exchange has moved to dismiss the complaint pursuant to Fed.R.Civ.P. 12(b)(6) on the grounds that: (1) § 6(c)(1) does not…