Pennmont Secs. v. Meyer Frucher, No. 08-1476

In a dispute between the Philadelphia Stock Exchange and a member, order dismissing plaintiff-member's motion for a temporary restraining order is vacated and remanded with instructions to dismiss the action for lack of proper subject matter jurisdiction where the district court lacked proper subject matter jurisdiction over the action as plaintiff failed to exhaust the available administrative remedies provided by the Exchange Act, and two exceptions to the exhaustion requirement did not apply.

Read the full decision in Pennmont Secs. v. Meyer Frucher, No. 08-1476.

Appellate Information

On Appeal from the District Court for the Eastern District of Pennsylvania (No. 07-cv-05543)
District Judge: Honorable Anita B. Brody
Argued March 12, 2009
Opinion Filed August 17, 2009

Judges

Honorable A. Wallace Tashima, Circuit Judge for the United States Court of Appeals for the Ninth Circuit, sitting by designation.
Before: FUENTES, CHAGARES, and TASHIMA, Circuit Judges
Opinion by Circuit Judge Fuentes

Counsel

Counsel for Appellant: Lynanne B. Wescott, Esq. of The Wescott Law Firm P.C.

Counsel for Appellees: Stephen J. Kastenberg, Esq., Edward D. Rogers, Esq., Paul Lantieri III, Esq. of Ballard Spahr Andrews & Intersoll, LLP