The Supreme Court will not be hearing a broker-dealer's arguments that the NASD lied to member firms to get them to agree to the creation of FINRA.
Standard Investment Chartered has been appealing court decisions for years to get a ruling, only to be told that FINRA is effectively above question in its role as a self-regulatory organization.
Think tanks and members of the brokerage community have argued that regulation is regulation, but the 2006 merger of NASD and NYSE Regulation was business, and so should be subject to normal business rules.
On that basis, Standard Investment Chartered argues that NASD lied when it told them the IRS said it could only pay member firms $35,000 apiece as part of the merger.
Since the judges have elected not to hear a formal investigation of that claim, we'll never really have an official ruling on what happened.
All we know is that as far as legal opinion is concerned, FINRA is above the law -- and only the SEC can stand up to it.