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NASDAQ OMX PHLX v. PENNMONT SECURITIES

No. 3319 EDA 2009

52 A.3d 296 (2012)

2012 PA Super 145

NASDAQ OMX PHLX, INC., Appellee v. PENNMONT SECURITIES and Joseph D. Carapico, Appellants.

Superior Court of Pennsylvania.

Filed July 16, 2012.

Reargument Denied September 19, 2012.

Attorney(s) appearing for the Case

Lynanne B. Westcott , Philadelphia, for appellants.

Stephen J. Kastenberg , Philadelphia, for appellee.

BEFORE: BENDER, MUNDY and FITZGERALD, JJ.

OPINION BY FITZGERALD, J.:*

Appellants, PennMont Securities ("PennMont") and Joseph D. Carapico, appeal from the order entered by the Philadelphia Court of Common Pleas granting summary judgment in favor of Appellee, NASDAQ OMX PHLX, Inc. ("Exchange"). We hold that the Exchange had no authority to initiate a private right of action to collect disciplinary fines imposed by Exchange Rule 651, a rule enacted by the Exchange pursuant to the...

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