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SECURITIES INDUSTRY ASS'N v. CONNOLLY

Civ. A. No. 88-2153-WD.

703 F.Supp. 146 (1988)

SECURITIES INDUSTRY ASSOCIATION, Dean Witter Reynolds, Inc., Donaldson, Lufkin & Jenrette Securities Corporation, Drexel Burnham Lambert, Incorporated, Fidelity Brokerage Services Inc., Kidder Peabody & Co., Incorporated, Merrill Lynch, Pierce, Fenner & Smith, Inc., Painewebber Incorporated, Prudential-Bache Securities Inc., Shearson Lehman Hutton Inc., and Smith Barney, Harris Upham & Co., Incorporated, Plaintiffs, v. Michael J. CONNOLLY, Secretary of State, and Barry C. Guthary, Director, Massachusetts Securities Division, Defendants.

United States District Court, D. Massachusetts.

December 19, 1988.

Attorney(s) appearing for the Case

Gerald Rath, Steven Hansen, Bingham, Dana & Gould, Boston, Mass., for plaintiffs.

Thomas A. Barnico, Richard M. Brunell, and James Shannon, Atty. Gen., Boston, Mass., for defendants.

MEMORANDUM AND ORDER FOR JUDGMENT

WOODLOCK, District Judge.

The Commonwealth of Massachusetts, acting under its Blue Sky law authority over brokers and dealers in securities, has issued prospective regulations seeking to control the circumstances under which a broker may require a non-institutional customer located in Massachusetts to agree to arbitration of disputes between them.

The plaintiffs—the trade association for securities dealers...

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