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11th Circuit says ex-broker's lawsuit against FINRA barred
November 2, 2017 / 9:24 PM / in a month

11th Circuit says ex-broker's lawsuit against FINRA barred

A federal appeals court has declined to revive a former broker’s lawsuit against the Financial Industry Regulatory Authority, the securities industry’s self-regulatory body, saying no private right of action exists to sue the regulator.

The former Florida broker, Antony Turbeville, had sued FINRA for defamation, but a unanimous three-judge panel of the 11th U.S. Circuit Court of Appeals said on Wednesday that FINRA’s administrative appeals process is the sole avenue for Turbeville to challenge its actions.

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