Foes of SRO merger want docs unsealed

Lawyers are arguing about unsealing an opinion produced in the suit challenging the SRO merger.

Even though a lawsuit challenging the pending merger of NASD and the NYSE’s regulatory unit has been dismissed, lawyers are still arguing about unsealing an NASD fairness opinion and other documents that were produced in the case.
“NASD members should not be denied access to publicly filed documents,” said a court filing made Friday by Standard Investment Chartered, Inc. of Costa Mesa, Calif.
Standard sued to stop the merger in March, claiming among other things that NASD’s financial disclosures were inadequate.
Separately, it has asked the U.S. District Court for the Southern District of New York to reconsider its May decision to dismiss the case.
In the meantime, NASD told the court that the sealed documents are “of the utmost sensitivity” and that disclosure could harm “ongoing negotiations” with the NYSE.
The financial terms of the deal were hotly contested during an NASD member vote last January over bylaw changes.
The proxy said NASD “had engaged” a financial adviser, but the fairness opinion was never made public.
About two-thirds of NASD members approved the bylaw changes.