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Second Circuit Affirms Orders Enjoining Arbitration, Holding Broad Forum Selection Clause Supersedes FINRA Arbitration Rule

The Second Circuit affirmed two cases in which financial services firms had succeeded in enjoining FINRA arbitrations that were initiated against them by public financing entities. The court held that in each case, the FINRA...more

Second Circuit Holds Forum Selection Clause Supersedes FINRA’s Mandatory Arbitration Rule

In Goldman, Sachs & Co. v. Golden Empire Schools Financing Authority, No. 13-797-cv, 2014 WL 4099289 (2d Cir. Aug. 21, 2014), the United States Court of Appeals for the Second Circuit held that a forum selection clause in a...more

Forum-Selection vs. Arbitration Issue Teeing Up for Supremes

The Second Circuit stayed its mandate last week to allow public-pension litigants to file cert petitions seeking review of its August holding that a subsequent account-agreement forum-selection clause requiring federal-court...more

A Check in the “Win” Column for Broker-Dealers!

The Second Circuit recently issued a single opinion for two cases [Goldman Sachs & Co. v. Golden Empire Sch. Fin. Auth., No. 13-797-cv (2d Cir. Aug. 21, 2014) and Citigroup Global Mkts. Inc. v. N.C.E. Mun. Power Agency, No....more

Second Circuit Decision Provides Guidance for Drafting Enforceable Broker-Dealer Agreement Forum Selection Clause

On August 21, the US Court of Appeals for the Second Circuit decided two closely watched appeals regarding the intersection of Financial Industry Regulatory Authority, Inc. (FINRA) rules mandating arbitration of...more

Second Circuit Holds Contractual Forum Selection Clause Supersedes FINRA Mandatory Arbitration Rule

On August 21, the US Court of Appeals for the Second Circuit decided two closely watched appeals regarding the intersection of Financial Industry Regulatory Authority, Inc. rules regarding mandatory arbitration of disputes...more

Second Circuit Finds That Forum Selection Clauses Supersede FINRA Arbitration Rule

On August 21, the U.S. Court of Appeals for the Second Circuit held that forum selection clauses, requiring “all actions and proceedings” related to the transactions between the parties to be brought in court, supplant...more

Financial Services Report - Quarterly News, Winter 2013

Editor’s Note - Stuff didn’t happen this quarter. Lots of it. The federal government didn’t happen for two weeks in October, which caused some to celebrate and others to wring their hands and clamor for a strong,...more

Financial Services Report - Quarterly News, Summer 2013

In This Issue: Arbitration Report; Bureau Report; Privacy Report; Mortgage Report; Operations Report; Preemption Report; and Beltway Report. Excerpt from Arbitration Report: Ninth Circuit Punts...more

FINRA Panel Rules on Charles Schwab's Challenge to FINRA Rules Prohibiting Class Action Waiver Clauses

In October 2011, Charles Schwab ("Schwab") began inserting into its customer Account Agreements a class action waiver clause....more

Financial Services Report -- Summer 2012

Editor’s Note New York Mayor Michael Bloomberg wants to ban sodas sold in containers of more than 16 ounces. Thank you for asking our opinion. Or, as the young folks say, “no problem.” It’s a brilliant idea, but...more

FINRA and Charles Schwab Battle over Class Action Waiver Clauses

Last October, Charles Schwab & Company ("Schwab") began inserting into its customer Account Agreements a class action waiver clause. Schwab's Account Agreements require arbitration of any dispute...more

Second Circuit (Again) Rules that Arbitration Clauses that Diminish Vindication of Federal Claims are Not Enforceable

The ping-pong match between the Second Circuit and the U.S. Supreme Court regarding the enforceability of arbitration provisions continues.  The Second Circuit reaffirmed its decision that the class action...more

Financial Services Report - Volume 11, No. 1 - Summer 2011

In this issue: Arbitration Report; Beltway Report; Operations Report; Mortgage Report; Privacy Report; and Preemption Report. Weird things happened this quarter that read like plot devices that couldn’t get past the...more

Financial Services Report - Volume 9, No 1. Winter 2010

In this issue: 2 Beltway Report 5 Operations Report 5 Plastic (a/k/a Card Report) 6 Mortgage Report 7 Privacy Report 10 Arbitration Report 10 Preemption Report Editor’s Note Tis the season to be thankful, and...more

Financial Services Report: Staying Ahead of the Summons - Volume 7, No 1. Summer 2010

In This Issue: 2 Beltway Report 5 Operations Report 6 Plastic (a/k/a Card Report) 7 Mortgage Report 8 Privacy Report 9 Arbitration Report 10 Preemption Report Please see full report below for more information....more

Financial Services Report: Staying Ahead of the Summons: Volume 6, No. 1. Spring 2010

In this issue: 2 Arbitration Report 2 Beltway Report 3 Preemption Report 5 Operations Report 7 Mortgage Report 8 Privacy Report Please see full newsletter below for more information....more

Financial Services Report: Staying Ahead of the Summons - Vol 5, No 4, Winter 2009

In This Issue: 2 - Beltway Report 4 - Credit Card Report 5 - Preemption Report 6 - Operations Report 7 - Mortgage Report 8 - Privacy Report 9 - Arbitration Report Please see full newsletter below for more...more

Financial Services Report: Staying Ahead of the Summons (Vol. 5, No 3. Fall 2009)

Inside ------------------------- *2 Beltway Report *4 Credit Card Report *5 Preemption Report *6 Operations Report *7 Mortgage Report *8 Privacy Report *9 California Report *10 Arbitration...more

Financial Services Report: Staying Ahead of the Summons Vol. 5. No. 2. Summer 2009

Inside this Edition: *Beltway Report...2 *Credit Card Report...4 *Preemption Report...5 *Operations Report...5 *Mortgage Report...6 *Privacy Report...8 *California Report...9 *Arbitration Report...9 Please see...more

Financial Services Report: Staying Ahead of the Summons Vol. 5, No 1. Spring 2009

Inside ------------------------- 2 Beltway Report ------------------------- 4 Credit Card Report ------------------------- 5 Operations Report ------------------------- 7 Mortgage...more

Klussman v. Cross Country Bank

Klussman v. Cross Country Bank - Seminal CA choice of law consumer case

In Klussman v. Cross Country Bank, we asserted a very broad based attack on subprime credit card issuer Cross Country Bank's business practices. This published opinion was issued in response to a writ sought by Cross Country...more

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