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Arbitrators Labeling Your Securities “Crap” Does Not Entitle You To Vacate The Award

In the last post, the Fifth Circuit affirmed an arbitration award against Morgan Keegan. The Ninth Circuit just affirmed an arbitration award against Morgan Keegan in a sister case. In less than two pages, the Ninth Circuit...more

Second Circuit Affirms Arbitration Panel’s Finding That A Securities Clearing Firm May Be Liable As The “Initial Transferee” Of A...

On July 3, 2012, the United States Court of Appeals for the Second Circuit refused to vacate an arbitration award against Goldman Sachs Execution & Clearing, P.C. The Court left intact the arbitration panel’s finding that the...more

Unreasonable Delay and Extensive Litigation Operates as Waiver of Right to Compel FINRA Arbitration

In an unpublished decision, the California Court of Appeal (Fourth Appellate District, Division One) held that the defendants waived arbitration through their extensive use of litigation machinery, unreasonable delay in...more

Supreme Court Upholds Mandatory Pre-dispute Arbitration Clause in Credit Card Agreements

This article by Victoria Holstein-Childress discusses mandatory pre-dispute arbitration clauses in consumer financial services contracts and the Supreme Court's January 2012 decision in Compucredit v. Greenwood. In...more

A Work in Progress: Evolving Responsibilities in the Retail Broker-Dealer/Customer Relationship

The enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act1 (Dodd-Frank Act or Act) has accelerated the process of erasing the distinction between a registered investment adviser and a "mere" broker...more

Morrison v. National Australia Bank

Petition for Certorari for "F-Cubed" Claimants

The issue presented in this landmark case is whether the judicially implied private right of action under Section 10(b) of the Securities and Exchange Act of 1934 should, in the absence of any expression of congressional...more

Caveat Consiliator: Let The Adviser Beware -- Imposing Fiduciary Duties on Fee-Based Financial Professionals

The author argues that fee-based financial professionals (i.e., stockbrokers, financial advisors, financial planners) should be subject to per se fiduciary duties. The article was published in the Spring 2007 edition of the...more

Caveat Consiliator

This article was published in the Spring 2007 edition of the PIABA Bar Journal. The author argues that fee-based investment advisors should be subject to per se fiduciary duties....more