(December 28, 2017, 4:33 PM EST) -- NEW YORK — A federal district court erred in ruling that a group of securities exchanges have absolute immunity from shareholder claims regarding the exchanges’ alleged involvement in a market manipulation scheme because none of the exchanges’ conduct is alleged to have been regulatory, a Second Circuit U.S. Court of Appeals panel ruled Dec. 19 in vacating and remanding (City of Providence, R.I., et al. v. BATS Global Markets Inc., et al., No. 15-3057, 2nd Cir., 2017 U.S. App. LEXIS 25556)....