An appeals court ruling that FINRA is entitled to absolute immunity from a private damages lawsuit in connection with the discharge of its regulatory responsibilities will stand.  The U.S. Supreme Court declined to hear an appeal of that ruling. By declining to hear the appeal, the Justices on Tuesday let stand a ruling by a U.S. appeals court in New York that dismissed a class-action lawsuit by a small California brokerage firm, Standard Investment Chartered, claiming brokers-dealers had been misled about the merger between the NASD and NYSE Regulation.  They and other brokers complained bitterly that they were misled and shortchanged by the $35,000 payout NASD made to broker-dealers as a benefit for approving the merger. The Supreme Court denied the appeal without any comment.  Justice Sonia Sotomayor took no part in considering the case, apparently because she had been involved with it previously as a judge on the appeals court in New York.   [Reuters, 1/17/12]