Does an attorney have liability for the negligent referral of a client to a “rogue stockbroker”? If an attorney chooses to refer a client to a stockbroker, what are the best practices prior to making the referral?
Securities Law Update – August 2007
- Rule 11 – Supervise Your Partners – Read the Rule 11 Letter
- Merrill Lynch Hoisted By Own Petard
- Morgan Stanley Fined $6.1 Million
- The 2007 Subprime Debacle
Items discussed in this newsletter:
- If It Looks Like a Hedge Fund and Quacks Like a Hedge Fund, Is it a Hedge Fund?
- Stockbroker in Pain Despite $5 Million Severance
- Oops – Can I Please Have That Document Back?
- Arbitration Award Vacated – Manifest Disregard of Law Related to Attorneys Fees
On April 5, 2007, an Omaha NASD arbitration panel issued an award in favor of an investor alleging claims involving concentrated positions in Level 3 Communications and WorldCom.
On April 25, 2007, Judge F.A. Gossett issued an interesting opinion in Credit Suisse Securities LLC vs. Hilliard, et al., 2007 U.S. Dist. LEXIS 30597 (D. Neb. 2007).
On April 5, 2007, an Omaha, Nebraska NASD arbitration panel issued its first arbitration award in favor of an investor alleging claims involving concentrated positions in Level 3 Communications and WorldCom.
Yesterday (January 3, 2007), Judge Cedarbaum of the Southern District of New York issued an Order directing the transfer of a pending matter to the United States District Court of Nebraska.
Yesterday (Dec. 12, 2006), the NYS Attorney General’s Office filed a lawsuit against UBS Financial which alleges fraud in its asset based account program (Insight One).
On December 8, 2006, the Nebraska Supreme Court issued a new opinion addressing Nebraska securities law. A copy of the decision in Myers v. Nebraska Investment Council, et al., 272 Neb. 669, 2006 Neb. LEXIS 170 (2006), is provided below.