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.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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