Nominee Analysis: Judge Diane Wood | SCOTUSblog
In re NYSE Specialists Securities Litigation, 503 F.3d 89 (2007): In this case, the Second Circuit considered a lawsuit brought against, inter alia, the New York Stock Exchange, alleging that the NYSE had failed to adequately police the seven firms through which stock trades are funneled. The district court granted summary judgment in favor of the NYSE, holding – as relevant here – that the NYSE enjoyed absolute immunity from suit for its regulatory failures and that the lead plaintiffs in the case lacked standing. The court of appeals, in an opinion by Judge Sotomayor, affirmed the grant of summary judgment with regard to absolute immunity. It reasoned that NYSE was entitled to absolute immunity in its quasi-governmental role in regulating the stock market, and that the misconduct alleged by the plaintiffs fell squarely within the purview of that role. In so holding, it rejected the plaintiffs’ contention that the NYSE was not immune because its actions were not “consistent with” the regulations and statutes at issue; ...