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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

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

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

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

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

9th Circuit Holds Issuer Is Investment Bank’s “Customer” And “Actions and Proceedings” Include Arbitrations

In 2005 and 2006, the biggest little city in the world (aka Reno, Nevada) issued approximately $211 million in securities employing Goldman, Sachs & Co. as its sole underwriter and broker-dealer. The financing didn’t work...more

International Arbitration of Financial Disputes: Key Questions Answered

This article addresses key questions concerning the use of international arbitration in cross-border financial transactions, and includes a discussion of the International Swaps and Derivatives Association (ISDA) September...more

Dodd-Frank News - March 2014: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases January Through March 2014 ..Dodd-Frank Amendments to RESPA ..Dodd-Frank Prohibition on Arbitration Clauses ..Whistleblower Protection Under Dodd-Frank - News &...more

My Lawyer’s Not Licensed? The Unlicensed Practice Of Law In Arbitration And Mediation Of Securities Disputes

As an investor, you should perform due diligence prior to having an out-of-state attorney represent you in a securities dispute. In an era where social media provides multiple channels for the advertising of an attorney’s...more

Financial Services Law -- Jan 17, 2014

Community Banks and the Volcker Rule: What’s Next? - For now, banks that have investments in CDO securities that are issued by funds that are invested in trust preferred securities (TruPS CDOs) have dodged a bullet. On...more

CFPB Releases Study on Arbitration Clause

Following its field hearing on arbitration, the CFPB released its preliminary research on the use of arbitration clauses in connection with consumer financial products and services. Section 1028 of the Dodd-Frank Act required...more

Cross-border derivatives disputes: ISDA Arbitration Guide 2013 model clauses offer more certainty

The 2013 International Swaps and Derivatives Association (ISDA) Arbitration Guide has been published following a two-year consultation with ISDA members. The Guide provides model clauses for various forms of arbitration...more

Canada Ratifies the ICSID Convention: Enhancing Legal Rights and Protections for Canadian Investments Abroad

Introduction - If the effectiveness of any dispute-settlement process is to be measured by the existence of impartial and well-defined rules, finality of the outcome and enforceability of the decision, Canada’s...more

Legal Alert: FINRA Announces Effective Date for Discovery Guide Amendments and Provides Insight on Current Initiatives and Trends...

In its just-issued Regulatory Notice 13-40, the Financial Industry Regulatory Authority (FINRA) announced that the Discovery Guide Amendments recently approved by the U.S. Securities and Exchange Commission (SEC) will become...more

2013 ISDA Arbitration Guide Published

On 9 September 2013, the International Swaps and Derivatives Association, Inc. (ISDA) published its 2013 ISDA Arbitration Guide. The decision to introduce optional arbitration clauses for the 1992 and 2002 ISDA Master...more

Finally, Membership Will Have its Privileges: Canadian Investors Abroad to Benefit as Canada Joins ICSID

Canada has announced, on November 1, 2013, that it has ratified the ICSID Convention and will at long last become a member of the principal international rule-making and administrative body for disputes between investors and...more

FINRA Expungements: PIABA’s Press Release Recalls Mark Twain On Statistics

PIABA – the securities-investor plaintiff’s bar – issued an October 16 press release roundly criticizing industry self-regulatory rules allowing a broker to seek expungement of a customer-claim from her permanent record....more

ISDA Adopts Model Arbitration Clauses for Use with ISDA Master Agreements

Following extensive consultation with its members, in September 2013 the International Swaps and Derivatives Association (“ISDA”) published seven model international arbitration clauses (the “Model Arbitration Clauses”) for...more

Interest Rate Swap Agreements: Draft Information Letter of the Russian Supreme Commercial Court

This alert discusses the recently published Draft Information Letter of the Presidium of the Russian Federation Supreme Commercial Court (the “SCC”) entitled “Dispute Resolution Issues Arising out of Interest Rate Swap...more

Congress Could Nix Mandatory Arbitration

In light of the absence of SEC action on topic, Rep. Keith Ellison, D-Minn., a member of the House Financial Services Committee, has introduced the Investors Choice Act of 2013....more

Financial Litigation Insights - Fall 2013 Vol 5 No 3

In This Issue: - Anticipating a FINRA Arbitration – What’s Next? ..Statements of Claim and Answer ..Selection of Arbitration Panel ..Initial Prehearing Conference ..Discovery ..Prehearing Exchange of...more

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