SOURCE: Balestriere PLLC

February 15, 2006 17:46 ET

Balestriere PLLC Files Class Action Suit Against The National Association of Securities Dealers on Behalf of All Individuals Who Were Incorrectly Informed by the NASD That They Failed the Series

7 Examination

NEW YORK, NY -- (MARKET WIRE) -- February 15, 2006 -- Balestriere PLLC today announced that it had filed a class action lawsuit in the United States District Court for the Southern District of New York against the National Association of Securities Dealers ("NASD") on behalf of nearly two thousand individuals who the NASD incorrectly informed that they failed the Series 7 broker qualification examination.

The lawsuit seeks class action status on behalf all persons who took the Series 7 administered by the NASD between October 1, 2004 and December 20, 2005 and were incorrectly informed that they failed the examination ("the Class").

If you are a member of the Class and wish to discuss this action, or if have any questions concerning your rights or interests or would like to obtain a copy of the Complaint, please contact plaintiff's counsel, Catherine Riccards, at 212-374-5404 or at

Passing the Series 7 exam is necessary in order for an individual to register with the NASD and the exam must be passed in order for an individual to take many other principle exams offered by the NASD. The complaint alleges that the NASD administered a faulty examination to over 60,000 individuals and negligently informed members of the Class that they had failed the Series 7 examination when in fact, the members of the Class had passed the examination. As a result, plaintiff and all members of the Class suffered damage to their reputation and business relationships, and many class members lost their jobs, had to relocate, received lower bonuses, lost commissions, were unemployable or had to accept lower paying jobs which did not require a Series 7 license.

Plaintiff seeks to recover damages on behalf the Class. The plaintiff is represented by Balestriere PLLC, located in New York, NY whose attorneys have has extensive experience in trials, investigations, and prosecuting class actions.

Balestriere PLLC ( is a trials and investigations law firm. The firm represents individuals, companies, and institutions in criminal and civil matters in trial and appellate courts, in intense negotiations, during arbitrations, and before grand juries, securities regulators, and government agencies. The firm also conducts internal investigations ( of alleged misconduct at companies and organizations, and provides monitoring services ( to companies in different industries. Balestriere PLLC combines a complex and sophisticated litigation ( background with hard nosed investigation experience and the ability to push cases to trial and win at trial. Our offices are located at 225 Broadway, Suite 2700 New York, NY 10007.

Contact Information

  • CONTACT: Balestriere PLLC
    Catherine Riccards, Esq.
    225 Broadway - Suite 2700
    New York, NY 10007
    Email Contact