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Class Action › Brokers

A class action is a type of legal action where a representative individual or group of individuals can bring a claim on behalf of a larger group or class who share a common legal interest.
Sheppard Mullin Richter & Hampton LLP

Scrutiny of Cash Sweep Programs Intensifies as Brokers Face Wave of Class Action Suits

Sheppard Mullin Richter & Hampton LLP on

On August 5, a prominent investment brokerage firm disclosed in a quarterly filing that it has been responding to requests from the SEC since April related to the firm’s practice of sweeping uninvested customer account...more

A&O Shearman

Eleventh Circuit Affirms Dismissal Of State-Law Class Action Claims Against Brokerage Firm As Barred By SLUSA

A&O Shearman on

On May 31, 2022, the United States Court of Appeals for the Eleventh Circuit affirmed the dismissal of a putative class action asserting claims under Georgia state law for breach of fiduciary duty against a brokerage firm and...more

Burr & Forman

Robinhood’s Long Way Out of Sherwood Forest

Burr & Forman on

On Thursday, January 28, trading-app broker-dealer Robinhood – a self-styled disrupter democratizing trading – suspended its users’ ability to buy Gamestop stock or options (along with other stocks).  After playing a...more

Goodwin

Agent Fee Suits and PPP Loans: Clarity Could Be Coming

Goodwin on

During a House Financial Services Committee (HFSC) oversight hearing on June 30, 2020, Treasury Secretary Steven Mnuchin hinted that clarification may be coming on whether agents helping small businesses apply for Paycheck...more

Sheppard Mullin Richter & Hampton LLP

Fifth Circuit Affirms Enron Broker Not Liable to Employee Stock Option Holders for False or Withheld Information

Sheppard Mullin Richter & Hampton LLP on

Ending a more than 15-year-long legal battle, the Fifth Circuit on May 24, 2019, unanimously affirmed the dismissal of a proposed class action against subsidiaries of UBS AG, alleging violations of U.S. securities laws for...more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

Merrill Lynch has already staked out the position in response to the DOL’s retirement account fiduciary duty rule that it would no longer offer commission-based IRAs to retirement savers. Yesterday, it effectively doubled...more

Allen Matkins

Ninth Circuit Holds Private Company Rules Preempt California Law

Allen Matkins on

California Labor Code Section 450(a) forbids employers from coercing the patronage of their employees: It provides...more

Sheppard Mullin Richter & Hampton LLP

Second Circuit Reverses Class Certification Order, Holding That a Clearing Broker's Alleged Knowledge of Fraud Against...

Sheppard Mullin Richter & Hampton LLP on

In Levitt v. J.P. Morgan Securities, Inc., No. 10-4596, 2013 WL 1007678 (2d Cir. Mar. 15, 2013), the United States Court of Appeals for the Second Circuit reversed a district court order certifying a class of shareholder...more

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