SIA, BMA Fight A Sweeping Precedent

O'Connor, Colleen
May 2005
Investment Dealers' Digest;5/30/2005, Vol. 71 Issue 21, p11
Trade Publication
The article reports that the Bond Market Association (BMA) and the Securities Industry Association (SIA) recently submitted an amicus brief asking the U.S. Supreme Court to review a recently rendered decision in the growing saga of the case "Dabit versus Merrill lynch Pierce Fenner & Smith," supporting on earlier appeal by Merrill Lynch. A former Merrill Lynch broker alleged that he lost money because of tainted Merrill Lynch research. What sparked the SIA's and MBA's amicus brief to the Supreme Court was the Second Circuit Court of Appeals' ruling that holding claims are not pre-empted by Securities Litigation Uniform Standards Act, a decision that opened the door for the case to be heard in a state court.


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