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RECENT NEWS FROM THE ARBITRATION FRONT
(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, 2022, and YTD 2023 back issues of the Alert can be downloaded free of charge here.)
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FINRA DRS POSTS STATS THROUGH MAY: A VERY STRONG YEAR IN ARBITRATION FILINGS CONTINUES. FINRA Dispute Resolution Services (“DRS”) has posted case statistics through May, with recent trends continuing to show a very strong year in arbitration filings – especially industry cases – and a continued drop-off in mediations. READ MORE
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SEC REVAMPS FINRA’S EXPUNGEMENT PROCEDURES, BY DAVID E. ROBBINS, ESQ. Since the February 23, 2023 publication in Securities Arbitration Alert of David Robbins’ article FINRA’s New Expungement Rules – Balancing Interests But Adding Roadblocks, FINRA filed amendments to those rules and the Securities and Exchange Commission approved FINRA’s major “modification” to “the current process relating to the expungement of customer dispute information.” READ MORE
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FAIR ACT REINTRODUCED IN HOUSE AND SENATE. The Forced Arbitration Injustice Repeal (FAIR) Act of 2019, which was approved by a mostly party-line vote in the House of Representatives in the last Congress but died in the Senate, was reintroduced April 27. READ MORE
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UPDATE: PARTIES AGREE TO VACATE FINRA PANEL’S $36+ MILLION AWARD AGAINST OPPENHEIMER. The parties have stipulated to a Consent Order vacating a massive Award rendered against Oppenheimer by a FINRA Panel. READ MORE
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EXPERT OPINIONS: WHAT ARE THE COURTS (AND ARBITRATORS) THINKING?
(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 factfinder, 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, 2022, and YTD 2023 back issues of the Alert can be downloaded free of charge here.)
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Coinbase, Inc. v. Bielski, No. 22-105 (Jun. 23, 2023): Ruling mostly along ideological lines, the Supreme Court holds that District Courts must stay underlying litigation while an appeal of a denial of a motion to compel arbitration is pending. READ MORE
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In re 3M Combat Arms Earplug Products Liability Litigation, No. 3:19-md-02885-MCR-HTC (N.D. Fla. May 19, 2023): The judge managing a complex multi-party litigation has directed senior management of 3M to appear personally at a mediation session. READ MORE
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ODS Capital, LLC v. Pershing LLC et al., FINRA ID No. 20-03928 (Boca Raton, FL, Mar. 24, 2023): A panel of three arbitrators rejects a unilateral request for an explained Award under Rule 12904(g) of the FINRA Customer Code of Arbitration Procedure (“Code”), as well as a motion to disqualify an expert. READ MORE
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HEARD THROUGH THE REGULATORY GRAPEVINE, COMMENT LETTERS, & SPEECHES
Contributor: SEC-Hollie Mason (Hollie.Mason@kroll.com)
FINRA-Jerry DeNigris (jdenigris@riversidefinancial.com)
(ed: Keeping abreast of rulemaking and other regulatory initiatives can be a full-time job. 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.)
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SEC: The SEC has announced an effective date of August 21, 2023, for its proposed amendments that remove any reference to “credit ratings” as an exception to certain rules on market manipulation (Regulation M), in compliance with Dodd-Frank Section 939A. The effective date was published in the Federal Register.
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MEMBER ACHIEVEMENTS - BRINGING CREDIT TO THE PROFESSION
(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.)
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Members Andrew Auslander and Paul Carroll presented "Margining & Liquidations at US Broker-Dealers". The broadcast covered requirements including house requirement, Regulation T and portfolio margining; the risk management view of portfolio margin; the origin and implications of the margin agreement; and liquidation of accounts. READ MORE
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Member George Friedman's SAA blog published a featured article by member Rick Ryder, with his critique of a newly-released research paper, "Tipping the Scales: Balancing Consumer Arbitration Cases", by the Stanford Institute for Economic Policy Research (“SIEPR”). READ MORE
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SER member Colleen Diles was recently interviewed by Global Relay Intelligence Practice (GRIP) about the Comment Letter written by the National Society of Compliance Professionals (NSCP) regarding the SEC's proposed rule changes on Safeguarding Customer Assets. READ MORE
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MEET OUR NEWEST MEMBERS! (Click on a name to view the full profile on SER's website, where you can also access their contact info and website. Better yet, reach out and connect to find out more about them.
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James J. Karabas is an experienced senior investment professional with over 35 years of investment management and consulting experience. He has first-hand experience in RIA mergers & acquisition, trading, clearing, custody and recruiting/supervising, as well as experience supporting arbitration, litigation, and enforcement matters conducting internal investigations, responding to and resolving regulatory investigations and examinations. |
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Colleen Diles has over 25 years of experience in the securities industry. Working at FINRA for 22 years supervising both Examination and Risk Monitoring teams, she most recently served as Risk Monitoring Director and Los Angeles Office Senior Leader. Ms. Diles is an independent regulatory consultant, assisting clients with regulatory issues, inquiries, and compliance as well as expert witness consulting/testimony. |
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If you have a potential member to nominate, please contact SER's Membership Chair Paul Carroll (PCarroll@sententiallc.com) or visit our Become a Member page.
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PRACTICE MANAGEMENT TIPS!
Contributors: Rotating Practice Management Committee Members
(ed: Helpful tips from seasoned experts relating to operating a successful expert practice.)
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10 Tips to Protect Yourself from Retaining Counsel
by SER Member Bob Lawson (blawson@barrington-inc.com)
- Insist on having your retention agreement signed before you commence working on the case.
- Make certain that your retention agreement gives you “an out”, i.e., in the event retaining counsel breaches any of their duties specified in the agreement, it provides that you may withdraw from the case.
- Add a clause specifying that you must be paid in full before reports are issued or testimony is given.
- Draft a contract with the law firm directly, not the attorney or their client.
- Add a clause in your retention agreement that allows you to withdraw from the case, if retaining counsel breaches their fiduciary duty, professional conduct provisions, or financial obligations.
- Insert a clause in your retention agreement that states you are under no obligation to provide opinions and have the right to withdraw if you are not provided adequate time and resources to form well-founded opinions.
- Add a clause to your retention agreement that states you must receive all relevant and non-privileged documents.
- Beware of solo practitioners and lawyers who are not accustomed to working with experts, as they can create a disproportionate number of difficulties.
- Without a properly worded retention agreement, it may be difficult and risky to protect yourself from abuse and withdraw from the case. You are the expert, so do not make yourself a defendant.
- An expert witness retention agreement is like a seat belt. It will only protect you if you use it.
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STATISTICS, EVENTS & RESOURCES
(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.)
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Sponsors of SER's 2023 Conference
(September 22-23, Boston MA)
Platinum
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ECHELON PARTNERS
DEALS & DEALMAKERS SUMMIT
AUGUST 29-30, 2023
Ritz Carlton, Laguna Niguel CA
DDM Summit offers insight from the industry's top experts on M&A, strategy, leadership and solutions for deal making. Attendees are independent hybrid and RIA owners/executives, with a focus on M&A transactions and transitions
Registration required.
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C&L 2023 REGIONAL SEMINAR
Ritz Carlton, Charlotte, NC
SEPTEMBER 11, 2023
7:45a.m.-5:30p.m.ET
C&L Regional Seminars gather compliance and legal professionals working in the financial services industry to share best practices and guidance in the increasingly complex and changing regulatory and compliance arenas.
Registration required.
$575 by July 31/$620 after July 31
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2023 Annual Membership Meeting & Conference
SEPTEMBER 22-23, 2023
Boston, Massachusetts
Held over two days, the SER conference provides in-depth presentations and discussions related to experts' experiences in financial industry related dispute resolution, as well as one-on-one conversations and networking opportunities.
Registration required.
Member Only Event
$1,095 incl Sat Dinner
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2023 PIABA Annual Meeting
October 24-27, 2023
The Broadmoor Resort & Spa, Colorado Springs, Colorado
Securities arbitration and litigation practitioners, as well as professionals and representatives from all segments of the securities arena convene annually for the four-days of meetings to address the impact of the securities markets, federal and state legislative changes, court rulings, SRO rule proposals and SEC approvals.
Registration required.
Expert/Mediator $1,895
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Media Stats
Website:
2022:
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2023:
Apr - Unique 2,066; Total 3,026
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Jun - Unique 2,070; Total 2,741
LinkedIn Followers @ 1,619 Current followers are mostly securities attorneys and industry contacts. Be sure to follow us and share our Posts to increase our numbers and your visibility!
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MEMBER ONLY BENEFITS!
- Update your Searchable Profile, link to your website, add your C.V.
- Networking among peer experts
- Email the Membership
- Access Previous Webcasts
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- Attend Webcasts and Conferences
Interested in Joining SER?
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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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Copyright 2023 Securities Experts Roundtable - publication appears three times a year and is available as a membership benefit to experts of the Securities Experts Roundtable. Comments - suggestions welcome. Email Newsroom@securitiesexperts.org with comments.
Mission Statement: SER provides continuing professional education and promotes ethics and integrity among its members while remaining dispute neutral as an organization.
Disclaimer: This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. The publisher is not engaged in rendering legal, accounting or other professional service or advice. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.
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Securities Experts Roundtable | www.securitiesexpert.org |
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