Cites “Dangerous and unmistakable message that…arbitration panels cannot be trusted” SIA COMMENTS ON NTM 01-65: The Securities Industry Association responded, in a letter dated December 31, 2001, to NASD’s request for comment on a proposal to revise its rules and policies on expungement. The letter, signed by SIA SVP and […]
Tag: Securities Lawyer
Broad Arbitration Agreement Covers All Accounts by Owner
White v. Salomon Smith Barney, Inc., 2001 Cal. App. LEXIS 2844 (Cal. App., 1Dist., 11/30/01) A broad arbitration provision covering one account of a client may be construed to cover disputes arising in other accounts. The Whites opened ten brokerage accounts with SSB and subsequently brought suit against SSB with […]
Clearing Firm’s Arbitration Agreement Includes Claims Against Introducing Firm
Hirshenson v. Spaccio, Case No. 5D00-2145 (Fla. App., 11/30/01). Appealability – Arbitrability ? Breadth of Agreement ? Scope of Agreement – State Statutes Interpreted (Fla. Stats. Ch. 517) ? State Law, Applicability of. Customer’s fraud claims against introducing broker, including claims under Florida Securities Act, are subject to arbitration under […]
NASD Online Arbitration Filings for Analyst Cases
Analyst Conflict Cases Set for Online Filings at NASD Arbitration Introduction on online system moved up to accomodate analyst cases. [Ed. This was originally posted in 2003 and is presented for historical reference] NASD has submitted a rule revision to the SEC which would amend its claim filing rules to […]
Proposed MSRB Interpretations
Proposed MSRB Interpretations Interpretation of Dealer’s Affirmative Disclosure Obligations Released By John M. Baker, Esq. Feb. 12, 2002 – The Securities and Exchange Commission this week published comment notices for two Municipal Securities Rulemaking Board notices on the responsibilities of dealers to municipal securities customers. The notice published today proposes […]
Court Strikes Confidentiality Provision in Customer Settlement Agreement
Clause preventing customer from speaking to regulators is void as against public policy By John M. Baker, Esq. California Court Rules Confidentiality Clause Invalid In a decision that will surprise few securities lawyers, a California appellate court has refused to enforce a confidentiality clause in a settlement agreement that […]
Securities Arbitration
Guide To Securities Arbitration When you finish reviewing the sites of “consultants” who want to help you sue your broker, visit the real securities law site – The Securities Law Home Page. Written, maintained, and supervised by a Wall Street securities attorney, you will get straight information on the law […]
SEC’s Cheap Shot at Martha Stewart
Again. The Abuse of Power. The second part of the story is undoubted of more interest to securities lawyers, judges, and law professors, but the rest of you should continue reading. Government abuse is a topic that affects all of us and unfortunately happens too often. The abuse involves quests […]
Rogue Customers
Customers who abuse the system, and harm their brokers. By Mark J. Astarita, Esq. These days, it seems that every major publication, and every television news show, has done, or is doing, a story on “rogue brokers” – brokers who care nothing about their customers, or their firms, or the […]
Customer Pays Fidelity Full Damages on ACAT Transfer Error
Panel awards Fidelity Brokerage Full Damages on Mistaken ACAT Transfer FIDELITY BROKERAGE SERVICES, INC. v. LaVALLIE, NASD ID # 99-03918 (New York, 8/22/03). A customer who wrongly retained an over delivery of securities is held liable for the consequences, in spite of the broker-dealer’s error. Fidelity made a mistake when […]
