New York Court of Appeals
Financial Industry Regulatory Authority, Inc., Formerly Known as National Association of Securities Dealers, Inc…
February 7, 200810 N.Y.3d 12
Summary
The New York Court of Appeals reversed the Appellate Division and dismissed NASD's action to enforce disciplinary fines, holding that state courts lack subject‑matter jurisdiction over such suits because Section 27 of the Securities Exchange Act grants exclusive jurisdiction to federal district courts.