FINRA arbitrations may never be the same because FINRA recently proposed to redefine “public arbitrator” to exclude anyone from the financial industry from falling within that definition.  Couple that proposal with the existing ability of a claimant to select an all public panel and you have a totally new arbitration system. 

What does this proposal

I recently blogged about the pervasive nature of data breaches and the particular risks presented to this industry.  Many firms may think that they are secure because they used a vendor to build a secure environment, but history tells us that is not the case. 

Cyber-attacks do not always come from a direct hit, but

A divided U.S. Court of Appeals for the Second Circuit affirmed the dismissal of securities law antifraud claims against a “trusted” investor in the pump-and-dump scheme perpetrated by two defunct broker-dealers, A.R. Baron & Co. and Bear Stearns Cos. Inc.  See Fezzani v. Bear Stearns & Co. Inc., 2d Cir. No. 09-4414-cv, 5/7/13,  http://op.bna.com/srlr.nsf/r?Open=

A court has held that the privacy rights of thousands of high-level federal employees could be violated if a provision of the Stop Trading on Congressional Knowledge Act (“STOCK Act”) were enforced.  The STOCK Act requires online disclosure of employees’ financial information, and it would have become effective but for the United States District Court

In pleading a Section 10b/Rule 10b-5 claim, it is well established that a plaintiff must establish a “strong inference” of scienter.  In the Third Circuit, a strong inference may be established by:  (1) alleging facts to show that the defendants had both motive and opportunity to commit fraud; and/or (2) alleging facts that constitute strong