WASHINGTON -- A group of disgruntled "professional" depositors has sued federal regulators, objecting to provisions in a new rule for mutual thrifts selling shares for the first time that puts them at a disadvantage for buying the hot stock.

A Blue Bell, Pa.-based trade association called Thrift Depositors of America Inc. sued Friday in U.S. District Court for the District of Columbia.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.