Defrauded investors have tried to sue self regulatory organizations, such at the Financial Industry Regulatory Authority (FINRA) and National Futures Association (NFA) for violating their own by-laws. These claims have met with mixed results.

Inasmuch as FINRA is an SRO subject to SEC regulation and scrutiny, the courts have consistently held it may not be sued by private sector claimants.  By contrast, under the Commodity Exchange Act, Congress specifically permits private causes of action to be brought against registered futures associations, of which the NFA is the only such entity approved by the CFTC. 

However, while the CEA authorizes such lawsuits, it does not appear any such claim has ever been successfully prosecuted against the NFA.