Nominee for SEC chief sued over regulators' merger

01/12/2009 | NYTimes.com

Mary Schapiro, President-elect Barack Obama's nominee to head the Securities and Exchange Commission, has been accused in two lawsuits of making misleading statements regarding the merger of the National Association of Securities Dealers and the regulatory unit of the New York Stock Exchange. One of the lawsuits was dismissed by a federal judge and is on appeal, and the other was filed shortly after Schapiro was selected to lead the SEC. "These lawsuits are meritless, and the second suit is just a dressed-up version of the first one that was rejected by a federal judge," said a lawyer representing Finra and Schapiro.

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