2021 - No. 2021-04
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Contributor: George H. Friedman (George@SecArbAlert.com)
(ed: This column follows recent items of interest to securities experts and relating to arbitration practice. These items are drawn from recent editions of the Securities Arbitration Alert (updated where necessary) and appear here with the permission of the Alert’s publisher. This issue’s column is compiled by the SAA’s publisher and Editor-in-Chief, George H. Friedman. Note that all 2021 back issues of the Alert referenced below can be downloaded free of charge here.)
FINRA DRS POSTS STATS THROUGH NOVEMBER: OVERALL ARBITRATION FILINGS CONTINUE TO DECLINE, BUT MEDIATIONS ARE STILL SKYROCKETING. FINRA Dispute Resolution Services (“DRS”) posted case statistics through the end of November, with overall arbitration case filing trends continuing from prior months, and with mediations continuing a meteoric rise. READ MORE
SENIORS REACH HEARING AND AWARD ONLY MARGINALLY MORE QUICKLY THAN CUSTOMERS AS A WHOLE IN FINRA ARBITRATIONS. FINRA intends to codify its program to expedite administration of cases involving senior or seriously ill parties. As promised, we commissioned a survey on the program’s effectiveness, which reveals that the voluntary program has been marginally effective. READ MORE
FINRA DRS UPDATES DIVERSITY DATA: IMPRESSIVE PROGRESS CONTINUES. FINRA Dispute Resolution Services (“DRS”) has updated its neutral roster diversity statistics, showing impressive gains in most areas.  READ MORE
UPON FURTHER REVIEW, GOLDMAN SACHS SAYS IT’S STICKING WITH ITS EMPLOYMENT ARBITRATION POLICY. Six months after agreeing to review its mandatory employment arbitration policy, Goldman Sachs concludes that arbitration is here to stay.  READ MORE
Contributor: George H. Friedman (George@SecArbAlert.com)
(ed: By reading how courts and arbitrators value, view and utilize testifying experts or decide issues experts encounter on a regular basis, one can better serve the fact-finder, more effectively help the client, and more likely avoid a bad experience. For selected court decisions, we draw again from the Securities Arbitration Alert (SAA), and other resources. Note that all 2021 back issues of the Alert referenced below can be downloaded free of charge here.)
Morgan v. Sundance Inc., No. 21-328; ZF Automotive US, Inc. v. Luxshare, Ltd., No. 21-401, and AlixPartners LLP v. The Fund for Protection of Investors’ Rights in Foreign States, No. 21-518; Southwest Airlines Co. v. Saxon, No. 21-309; Viking River Cruises, Inc. v. Moriana, No. 20-1573 (U.S.): In about a month, the Supreme Court has gone from no arbitration-centric cases set for review to four (five if you double count a consolidated case).  READ MORE
Legacy Consulting Group, LLC v. Gutzman, No. 2020-SC-0288-DG (Ky. Dec. 16, 2021): While the arbitration agreement in a variable annuity was enforceable because the investment was a security, once the annuitant converted the product to a fixed annuity, it became an insurance product and the PDAA was not enforceable, a unanimous Kentucky Supreme Court holds. READ MORE
Munizzi v. UBS Financial Services Inc., No. 19 CH 14398, 2021 IL App (1st) 201237 (Ill. App. Ct, 1st Dist., Nov. 19, 2021): One of the dangers of arbitration is that the avenues for judicial review of an Award that goes disastrously against you are limited, a lesson UBS Financial Services Inc. recently learned the hard way. Another lesson it learned is that it could face serious damages for “defamatory” Form U5s. READ MORE
Drew v. Morgan Stanley, FINRA ID No. 21-00833 (Boca Raton, FL, Dec. 2, 2021): A prior settlement via mediation was validated by the arbitrators, resulting in the unanimous Panel granting a Motion to Dismiss. READ MORE
Contributors: SEC-Hollie Mason (hollie.mason@brattle.com) and FINRA-Jerry DeNigris (jdenigris@riversidefinancial.com)
(ed: Keeping abreast of rulemaking and other regulatory initiatives can be a full-time job. We include a few recent changes in rulemaking, legislation, regulatory notices and policy speeches that are creating "buzz" in the securities community. This compilation is a summary of regulatory actions and comments and is not meant to be an all-inclusive substitute for individual research via the various regulatory sites.)
Contributor: Geraldine Genco "GG" Dube (GGenco@GGencoAssociates.com)
(ed: SER’s Committees are composed of two Board Members, and most have one or more members at large. Our Committees and members are listed under the “About Us” button on our Home Page. Committees either support the business needs of our organization or aim to develop and enhance the skills and expertise of our members.)

Things have been quiet with our Committees this last quarter but there is smoke rising from the Webcast Committee. If you missed it, there was a phenomenal Webcast for ESG. Hmm, wondering what that is? Well, perhaps that is a good reason to catch it! Environmental, Social & Governance (ESG- A New Cause of Action?) is a new area of SEC regulation for public companies. Hollie Mason, Esq. was the moderator along with panel members Michael Goldstein, Ph.D., and Michael King Ph.D. (Read more about it here.) Webcast Chair Elizabeth Falk is working on another presentation, yet to be announced. Find this new Webcast and a list of informative videos for members in our Library.
Contributor: Patti Koetting (pk@pkoetting.com)
(ed: Whether it’s writing an article, hosting an event, joining a professional committee, or just pursuing a smart practice, we report on member's efforts here. Look to the “Newsroom” section of the SER Website for more frequent, timely reports on the activities of our members.)
SER Member Teaches Course at the University at Albany (SUNY) Member Peter E. Bulger is teaching a course on securities regulation at the University at Albany (SUNY) this year. The senior/graduate level course, titled "Law in Financial Market Regulation" is taught through the School of Business as well as the Rockefeller College of Public Affairs & Policy. READ MORE
SER Member Presents In Fiduciary Program with Wake Forest University. Member Keith Loveland will be presenting on fiduciary standards at the "Board Certification in Employer Sponsored Heath Plans" , a program sponsored by the Center for Board Certified Fiduciaries in affiliation with Wake Forest University School of Professional Studies. READ MORE
SER Member Pens Article on Leveraged Finance. Member James Kyprios has written an article titled "A Primer on Leveraged Finance." As the title suggests, the author defines the topic and reviews the history of leveraged finance and how it has changed over more than 40 years, going back to the 1980s. He explores how recent changes to LIBOR, the IRS code and current market conditions may affect this area of the credit markets. READ MORE
In Memorandum of Richard Sandow. SER members were saddened to hear about the passing of long time member and original incorporator Richard Sandow on November 16, 2021. Member Ross Tulman wrote a thoughtful post in remembrance. READ MORE
Contributor: Patti Koetting (pk@pkoetting.com)
(ed: This column seeks to apprise members of events, products and services that can be useful to them in their professional activities. Unless specifically stated, SER does not endorse or sponsor any of the products and services mentioned herein.)

March 20-23, 2022
Grande Lakes Orlando, Florida

SIFMA's C&L Seminar welcomes attendees back live and in-person with three days of substantive programming. Join financial services leaders and regulators for valuable professional development opportunities, meaningful networking, and timely and topical discussions.
Registration required
(rates increase after Jan 31)
SIMFA Member $995
Non-member $2,099

29th Annual National
Expert Witness Conference
April 23-24, 2022
Clearwater Beach, FL

SEAK works with expert witnesses of all specialties, providing expert witness training, mentoring/consulting, seminars (live and streaming), conferences, books, and practice tools.

Registration required.
Tuition for each course is $1,295 on or before February 20, 2022
($1,395 February 21, 2022–March 20, 2022; $1,495 after March 20, 2022)

July 15 - 16, 2022
University Club of Washington D.C.
(Registration will open in the Spring.)
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Final Note: The Contributors are members of the SER Public Relations Committee. They have designed this newsletter for the membership and worked to gather material for this issue. Members can help by sending Contributors information and suggestions for content in future issues. Members should also visit SER's "Newsroom" section of the Website periodically, as many of the items that appear here will be first posted in the Newsroom.
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