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BCLP

FINRA Fines Cetera Firms Total Of $1,000,000 For Securities Transactions Conducted Through Outside Registered Investment Advisers,...

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In a troubling recently-released Letter of Acceptance, Waiver and Consent (“AWC”), FINRA fined three Cetera Firms a total of $1,000,000 for failing to conduct the appropriate suitability review and to otherwise satisfy their...more

Dechert LLP

Courts Rule in Favor of Advisers in Three Mutual Fund Excessive Fee Cases

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Within recent weeks, there have been three noteworthy court rulings in pending Section 36(b) cases, with one court granting a motion to dismiss and two different courts fully granting substantive motions for summary judgment....more

Dechert LLP

Updated CHOICE Act Proposes to Impose Heightened Pleading Requirement and Raise Burden of Proof for Plaintiffs in Section 36(b)...

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The Chairman of the Financial Services Committee of the U.S. House of Representatives, Jeb Hensarling (R-TX), on April 19, 2017 released an updated discussion draft of the Financial CHOICE1 Act (Bill), and the Committee held...more

Orrick, Herrington & Sutcliffe LLP

United States Supreme Court Poised to Address Standard for Insider Trading Following Second Circuit's Decision in United States v....

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Today, the Solicitor General filed a petition for a writ of certiorari in United States v. Newman, 773 F.3d 438 (2d Cir. 2014), asking the United States Supreme Court to address the standard for insider trading in a...more

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