A U.S. appeals court upheld a lower court's decision to dismiss a case that claimed broker-dealers were misled about the 2007 deal that created the Wall Street regulator FINRA. The Second Circuit Court of Appeals upheld on Tuesday U.S. District Court Judge Jed Rakoff's decision last March to throw out a 2007 class-action lawsuit against the Financial Industry Regulatory Authority. The suit was filed by a small California brokerage firm called Standard Investment Chartered. FINRA officials were not immediately available to comment.
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