Turbeville v. Financial Industry Regulatory Authority

The Eleventh Circuit affirmed the district court's dismissal of plaintiff's complaint against FINRA and its denial of plaintiff's motion to remand the case to Florida state court. The court held that removal was proper in this case because suits against self-regulatory organizations (SROs) like FINRA for violating their internal rules "arise under" the Securities Exchange Act of 1934, 15 U.S.C. 78o(a)(1), (b)(1), and therefore fall under the Act's grant of exclusive jurisdiction to the federal district courts. The court also held that the district court correctly dismissed plaintiff's claim because no private right of action exists for SRO members and associated persons to sue SROs for violating their own internal rules. View "Turbeville v. Financial Industry Regulatory Authority" on Justia Law