Court rules in favor of NYSE, Nasdaq in NetCoalition case

April 30, 2013

NEW YORK (Reuters) – A U.S. appeals court on Tuesday dismissed complaints filed by Google , Yahoo! and other Internet companies that sought to reduce the fees the New York Stock Exchange and Nasdaq Stock Market charge for market data, saying the Dodd-Frank bill stripped it of jurisdiction in the case.

The U.S. Court of Appeals for the District of Columbia Circuit dismissed petitions by the NetCoalition group of Internet companies, including Google and Yahoo, and the Securities Industry and Financial Markets Association, a lobby for brokers.

The court had ruled in an earlier case that competition should determine whether prices for stock quotations and share prices are “fair and reasonable,” but the court said Dodd-Frank “ousts us of jurisdiction.”

(Reporting by Herbert Lash)

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