Regulation Best Interest Update Webinar
On March 12, 2020, our Investment Management and Securities Litigation attorneys provided an update on and analysis of Regulation Best Interest (Reg BI).
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Attorneys on the Fredrikson & Byron Securities Litigation team work closely with our corporate governance and/or white-collar and regulatory defense group to provide integrated solutions to complex matters. Our attorneys have the experience and capabilities required to obtain successful outcomes for our clients.
Internal Investigations
Investment Management
Litigation
Securities
Shareholder & Partnership Disputes
“Our attorneys offer time-sensitive counsel on an array of matters, from assessing the facts and legal issues and responding to a lawsuit or SEC investigation, to analyzing potential insurance coverage for asserted claims, to advising committees of a client’s board of directors.”
Fredrikson attorneys represent broker-dealers, investment advisors, financial planners, investment companies, public and private companies, directors and officers, and other individuals in state and federal courts and in arbitration matters around the country. Our attorneys represent clients being examined, investigated and prosecuted by the U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and other federal and state regulators.
We litigate cases involving claims ranging from securities fraud under state and federal statutes, misrepresentation, negligence, unsuitability, breach of fiduciary duty and churning to employment/independent contractor disputes, trade secret, non-compete/non-solicitation and raiding cases. We also represent clients on regulatory and compliance matters, including subpoenas, investigations, and formal complaints. Our attorneys have served as counsel for receivers appointed by the court in the aftermath of Ponzi schemes, including in the Minnesota Print Services, Inc./Gerard Cellette Jr. receivership.
Areas of Expertise
We represent broker-dealers, investment advisors, officers, directors and others in securities litigation around the country. We regularly arbitrate cases before the Financial Industry Regulatory Authority (FINRA (formerly NASD)), the New York Stock Exchange and the American Arbitration Association (AAA). Our experience and capabilities include litigating the numerous causes of action that are regularly alleged in securities fraud cases, including violations of state and federal securities statutes, breach of fiduciary duties, unsuitability, failure to supervise, violations of industry rules, misappropriation of trade secrets and confidential information, breaches of non-competition and/or non-solicitation clauses, and other financial industry employment claims. We also have attorneys who sit as arbitrators appointed by the AAA and FINRA.
Representative Cases
We are often called upon to help clients needing assistance due to upcoming or past departures from a brokerage or investment advisory firm. Our attorneys understand the time-sensitive issues that such departures raise for both the “former” firm and the “new” firm. We understand the issues around the applicability of the Broker Protocol. We understand that movement of industry representatives, if not handled correctly, can lead to litigation involving claims of misappropriation of trade secrets and confidential information, breaches of non-competition and/or non-solicitation clauses, unfair competition, tortious interference with contract, and violations of Regulation S-P relating to confidential customer information, to name a few. Not only do we litigate such matters effectively on behalf of our clients but we also offer clients preventive solutions and advice aimed at avoiding litigation.
Representative Cases
We represent owners in corporate control disputes, including shareholder disputes, partner disputes, and disputes among owners of the other corporate forms. For closely held corporations, we represent control and minority owner groups, and the companies themselves in and out of court during control disputes and shareholder-employee fights.
We have assisted businesses and incumbent boards of publicly held corporations in determining whether shareholder resolutions must be considered at annual shareholder meetings and have taken the clients through the SEC letter opinion process and the court system as required by the situation. Our attorneys are familiar with the appropriate tactics to assist our clients through board control disputes in publicly held companies.
Representative Cases
It is essential to obtain the assistance of counsel as early as possible when approached by regulators. We have found that clients frequently respond to seemingly innocuous “informal” regulatory inquiries and provide documents and other information. The clients often regret it later when it handicaps their defense. Fredrikson attorneys represent investment advisers, money managers, hedge funds, banks and broker-dealers before the SEC, DOJ, CFTC, and FINRA. We counsel clients at all stages of enforcement proceedings, including informal inquiries, formal investigations, and administrative and district court actions.
Representative Cases
March 10, 2020
On March 12, 2020, our Investment Management and Securities Litigation attorneys provided an update on and analysis of Regulation Best Interest (Reg BI).
January 6, 2020
On December 19, the SEC issued guidance on disclosure obligations that companies should consider with respect to intellectual property and technology risks that may result from conducting business outside the United States.
October 4, 2019
Fredrikson & Byron has been listed to the Honor Roll in BTI Consulting Group’s BTI Litigation Outlook 2020.
May 10, 2017
With cyber intrusions becoming more common and sophisticated, the New York State Department of Financial Services has implemented a new regulation to combat these ever-increasing dangers.
June 30, 2016
By Sandra Smalley-Fleming & David D. Coyle
The SEC recently issued a press release announcing “that Morgan Stanley Smith Barney LLC has agreed to pay a $1 million penalty to settle charges related to its failures to protect customer information, some of which was hacked and offered for sale online.”