What is Securities Litigation and Arbitration?
Securities Litigation and Arbitration covers a variety of disputes involving securities and the securities industry that are resolved via court litigation or arbitration (typically through the Financial Industry Regulatory Authority – “FINRA” – the self regulatory body for the securities industry). These disputes include both customer claims (individual and institutional investors) against their broker or broker-dealer (the securities firm), or disputes between the brokers themselves and the broker-dealers.
Investment fraud examples
- Misrepresentations, Customer Specific and Reasonable Basis Unsuitability. A high net-worth individual was sold a private placement via memorandum for a product which was not suitable for him nor had the placement agent sufficiently investigated the company underlying the product to justify the risk/return offered.
- Breach of Fiduciary Duty. We represented the beneficiaries of a Trust in which the broker, while exercising discretion over the account, mismanaged the Trust’s funds by leaving the investments primarily in equities despite an obligation to protect funds for specific bequests set forth in the Trust. There was also a claim against the corporate trustee for failure to properly discharge its duties.
- Uniform Securities Law Violation and Unjust Enrichment. A case originally brought in State Court for misrepresentations and unjust enrichment in the sale of a Tenants in Common interest for commercial real estate. When the defendant filed bankruptcy, an adversary proceeding was brought to obtain recovery for the Plaintiffs.
- Negligence/ Unsuitable Recommendations. A claim in FINRA arbitration for unsuitable recommendations in the clients variable annuity account. The unsuitable investments included numerous leveraged and inverse exchange traded funds (ETFs).
- Misrepresentations/ Unsuitable Recommendations. The claims involved unsuitable recommendations and misrepresentations in the sale of non-traded real estate investment trusts (REITS) and a private placement (PPM).
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