Public Investors Arbitration v. SEC

PIABA filed a Freedom of Information Act (FOIA), 5 U.S.C. 552 et seq., request seeking records related to the SEC's audits, inspections, and reviews of FINRA's arbitration program. The Commission argued that Exemption 8 of FOIA allows it to withhold documents it collected while examining FINRA's program for arbitrating disputes between securities brokers and their customers. The district court granted the Commission's motion for summary judgment, concluding that the requested records related to the agency's examinations of FINRA and that Exemption 8 therefore protects them from disclosure. The court concluded that the contested records implicated a relevant Commission "examination" and they are related to a particular "report." Because the Commission satisfied both of Exemption 8's requirements and properly withheld the responsive documents, the court affirmed the judgment. View "Public Investors Arbitration v. SEC" on Justia Law