Facebook Inc (FB) IPO: NASDAQ Says, ‘We Can’t Be Sued’

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In the brief NASDAQ lawyers wrote, “SRO (self-regulatory organization) immunity protects Nasdaq from liability for claims relating to its allegedly negligent handling of the commencement of trading in Facebook stock and alleged misrepresentations because all of those claims arise out of Nasdaq’s regulatory functions.”

The judge has not yet ruled on the motion to dismiss, and there is no indication yet as to when that will happen. What are your thoughts? Should the self-regulated be made to account for its regulation? Or does this claim of legal immunity fit in this case? How might this affect Facebook Inc (NASDAQ:FB) and those investors not in on the lawsuit, like fund manager Steven Cohen (see his full equity portfolio)? Give us your thoughts in the comments section below.

DISCLOSURE: None

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