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Take 5 Newsletter: Five Documents That Financial Services Employers Should Revisit Now

With summer here, including its long days and blazing heat, many thoughts may turn to beaches, sunshine, and lazy afternoons. The summer may also be a good time for employers—especially those in the financial services...more

Second Circuit Draws a Bright-line Rule to Determine Who Is a Customer Under Rule 12200

The decision in Citigroup Global Markets Inc. v. Abbar, Docket No. 13–2172 (August 1, 2014), by the U.S. Court of Appeals for the Second Circuit, has important implications for broker-dealers, particularly those dealing with...more

Energy Charter Treaty and the YUKOS/Russia experience

On 28 July 2014, the Permanent Court of Arbitration in the Hague published a final award in an Energy Charter Treaty (ECT) arbitration that has been active for the past decade, ordering the Russian Federation (Russia) to pay...more

SEC Approves FINRA Rule To Prohibit Conditioning Customer Settlements On Expungement

On July 23, FINRA announced that the SEC approved a new rule prohibiting FINRA-supervised firms and registered representatives from conditioning settlement of a customer dispute on—or otherwise compensating a customer for...more

SEC Approves FINRA Rule Limiting Expungement

On July 22, the Securities and Exchange Commission authorized the Financial Industry Regulatory Authority, Inc. to implement FINRA Rule 2081 prohibiting brokers from conditioning settlement of customer complaints on (or...more

SEC Approves Amended FINRA Rule 2081 Prohibiting Settlements Conditioned on Expungement

On July 22, the SEC approved amendments to FINRA Rule 2081 that prohibit member firms from conditioning arbitration settlements (or seeking to) upon a customer’s assent to CRD expungement relief. The Rule amendments prohibit...more

Is a FSCO Arbitration Backlog Developing?

Listening to the news about the cresting flood waters in Manitoba, I am reminded about the flood of accident benefit disputes making its way through Financial Services Commission of Ontario (FSCO)....more

FINRA Sends “Public Arbitrators” Rule to SEC for Approval

On June 30, 2014, the Financial Industry Regulatory Authority (“FINRA”) sent its proposed rules to limit the definition of “public arbitrators” to those without any experience in the securities industry. Previously, an...more

Arbitration Report - July 2014

In this Report: - U.S. Personal Jurisdiction Limits on Actions under the New York Convention: First Investment Corporation of the Marshall Islands v. Fujian Mawei Shipbuilding, Ltd. - Update on Most...more

Tenth Circuit Affirms Denial Of Motion To Compel Arbitration Based On Unsigned Agreement

The Tenth Circuit recently affirmed a district court’s denial of a motion to compel arbitration in a securities fraud lawsuit brought by two investors in a company. The basis for the motion to compel was an arbitration...more

FINRA Continues Investor-Friendly Arbitration Reforms

The Financial Industry Regulatory Authority (FINRA) is submitting rule amendments for SEC approval that would generally make individuals with any past ties to the financial industry ineligible to be considered "public" FINRA...more

Industry trade groups urge OMB not to approve CFPB arbitration telephone survey

Three prominent industry trade groups are urging the Office of Management and Budget (OMB) not to approve the CFPB’s proposal to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use...more

Italian Government Cuts Incentives for Photovoltaic Plants

The final wording is not yet official, and there may still be some last minute changes before its publication in the Official Gazette, but the Italian Ministry of Economic Development and the Ministry of Finance felt certain...more

Eleventh Circuit Affirms that Waiting Too Long to Raise an Arbitration Agreement’s Delegation Clause Waives the Right to Have the...

The United States Court of Appeals for the Eleventh Circuit recently confirmed that waiting too long to raise an arbitration agreement’s delegation clause waives the right to ask the court to send threshold questions of...more

CFPB Director Announces Prepaid Card Rule Delay, Discusses Other Initiatives

On June 10, CFPB Director Richard Cordray testified before the Senate Banking Committee in connection with the CFPB’s recently released Semiannual Report to Congress. The hearing covered a broad range of topics, including,...more

Tips to Help Avoid Class Action Litigation

Taking advantage of recent case law developments can assist financial institution employers in avoiding and/or minimizing their exposure to class and collective action litigation. For example, courts have become increasingly...more

Two N.C. Supreme Court Rulings in the Neighborhood

Today, the North Carolina Supreme Court issued opinions and rulings on petitions. Readers of this blog will find at least one of the opinions and one of the petition rulings interesting....more

First Things First: There Must Be An Arbitration Agreement In Order To Compel Arbitration

Two courts recently refused to compel arbitration because the defendants could not prove that the parties had entered into an arbitration agreement at all. Therefore, the musical accompaniment to this post is “Do Re Mi” from...more

Fourth Circuit Rejects Broad Reading of Arbitration Ban in Dodd-Frank

In a variation on a familiar refrain, the Fourth Circuit recently upheld the enforceability of another arbitration provision under the Federal Arbitration Act (“FAA”) in Santoro v. Accenture Federal Services, LLC. This time,...more

Financial Services Report, Summer 2014

In This Issue: - Beltway Report - Bureau Report - Mobile Payments - Mortgage and Fair Lending Report - Operations Report - Preemption Report - Privacy Report - Arbitration Report - TCPA...more

CFPB Seeks Comment On Revised Credit Card Arbitration Survey

On May 29, the CFPB published a notice and request for comment on an updated plan to conduct a credit card arbitration survey. The following day, the OMB made available the documents submitted by the CFPB in support of the...more

Second Circuit Holds Mandatory Broker Dealer Arbitration Not Available to Non-Customer

On May 15, the US Court of Appeals for the Second Circuit issued a summary order in a closely watched case regarding the circumstances in which a broker dealer may be compelled to arbitrate with an institutional counter-party...more

Employment Law - June 2014

California Supreme Court Strikes Down $15 Million Employee Class Action Win and Orders Decertification in Duran V. U.S. Bank Nat’l Ass’n - Why it matters: On May 29, 2014, the California Supreme Court unanimously...more

CFPB to issue revised telephone survey of consumers for arbitration study

The CFPB will be publishing a notice in tomorrow’s Federal Register which states that the CFPB is seeking approval from the Office of Management and Budget of its plans to conduct a national telephone survey of 1,000 credit...more

Court Quashes Subpoena Seeking Unissued Arbitration Award

After striking the affirmative defense of failure to mitigate, a court quashed a subpoena issued to an arbitrator seeking an unissued arbitration award in a dispute between certain defendants and their reinsurer....more

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