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Civil Procedure — due process — mootness

By: WISCONSIN LAW JOURNAL STAFF//January 2, 2013//

Civil Procedure — due process — mootness

By: WISCONSIN LAW JOURNAL STAFF//January 2, 2013//

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United States Court of Appeals For the Seventh Circuit

Civil

Civil Procedure — due process — mootness

Where a broker was no longer on FINRA’s list of disciplined brokers when he filed suit alleging his due process rights were violated, the case should have been dismissed as moot.

“For Aslin to be subject to the Taping Rule again, a firm that he works for in the future would need to become a Disciplined Firm. It is not enough, as Aslin suggests in his brief, that someone will be subject to the rule in the future; there must be a reasonable expectation that the plaintiff himself will be. City of Los Angeles v. Lyons, 461 U.S. 95, 109 (1983). This would require one of these firms to meet the criteria in FINRA Rule 3010(b)(2)(J). These criteria are stringent and require a firm to be either expelled from FINRA or barred from the securities industry by a federal regulator. See FINRA Rule 3010(b)(2)(J). Such expulsions and bars seem to be unusual events. Aslin has not shown that they occur with such frequency as to create a ‘reasonable expectation’ that Aslin himself will be subject to the rule again. Accordingly, there is no reasonable expectation of repetition, and the dispute here cannot avoid dismissal as moot on the theory that it is capable of repetition yet evading review.”

Vacated and Remanded.

12-2250 Aslin v. FINRA

Appeal from the United States District Court for the Northern District of Illinois, Guzman, J., Hamilton, J.

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