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Securities Industry Association v. Connolly

883 F.2d 1114 (1989)

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Securities Industry Association v. Connolly

United States Court of Appeals for the First Circuit
883 F.2d 1114 (1989)

Facts

Massachusetts implemented certain regulations governing firms in the securities-brokerage industry. The regulations imposed special requirements and burdens on the use of predispute arbitration agreements between brokerage firms and customers. The regulations prevented firms from requiring customers to sign such arbitration agreements when opening accounts, forced firms to disclose to customers the legal significance of the arbitration agreements, and penalized firms that failed to comply. The Securities Industry Association and various brokerage firms (the brokerage group) (plaintiffs) filed suit against the Massachusetts secretary of state and the state’s securities division director (the Massachusetts officials) (defendants), seeking a declaration from the court that the regulations were unconstitutional. The brokerage group also sought a preliminary injunction barring the Massachusetts officials from enforcing the regulations. The court granted the declaratory and injunctive relief requested by the brokerage group. The Massachusetts officials appealed.

Rule of Law

Issue

Holding and Reasoning (Selya, J.)

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