Broker-Dealer & Financial Products
Our Broker-Dealer and Financial Products Practice Group serves the unique needs of the financial services industry. As one of the largest practices of its kind in the country, we have defended more than $1 billion in claims for clients in 39 states (including D.C.) during the past six years. We handle a wide range of matters for participants in the financial services industry, from bet-your-company litigation matters to routine compliance counseling. Our involvement in such a diverse range of matters provides a unique platform from which to help our clients with their opportunities and challenges.
We regularly represent national, regional and local brokerage firms, representatives and investment advisers, as well as public and private institutions, in securities litigation and arbitration throughout the country. A significant amount of our practice involves issues impacting the fixed income markets and, in addition to product failure cases, we have extensive experience trying cases with complex issues involving a variety of financial products including municipal bonds, structured products, open-end and closed-end bond funds, CDOs, CMOs and other asset-backed securities. We assist our clients in defending class actions and investor arbitrations, as well as prosecuting and defending against raiding claims.
We also represent clients in securities enforcement and regulatory proceedings and compliance matters with the U.S. Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA) and state regulatory agencies. In addition, we regularly provide compliance and employment counseling, litigation support for non-compete and recruitment cases, and advising for data breach prevention and response.
Among the types of issues about which we routinely counsel broker-dealer clients are:
- Trading and mark-ups
- Derivatives
- Margin
- Net capital
- Clearance and settlement
- Sales practices
- Compliance
- Supervisory and reporting requirements under federal and state laws and regulations of FINRA, the SEC and state regulatory agencies
- Recruitment, employment and termination
- Customer privacy, data protection and education
- Regulatory proceedings before the SEC, FINRA and state regulatory agencies
- Arbitration
- Litigation
Because we are a regional mid-size firm, we believe we are able to offer attractive fee arrangements as compared to larger national firms, while maintaining a standard of high service and broad-based experience with the financial services industry.
Experience
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Served as lead counsel for Morgan Keegan and related entities in Federal securities, ERISA and derivative multi-district litigation related to investment company losses in the wake of the credit crisis
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Successful defense of LPL Financial in $5.8 million FINRA arbitration claim
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Successfully argued issue of first impression under the Securities Litigation Uniform Standards Act before the U.S. Court of Appeals for the Sixth Circuit
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Represented Morgan Keegan in obtaining dismissal of customer claims against the firm in a FINRA arbitration, then successfully argued before the Tennessee Court of Appeals to have the zero award reinstated after it had been vacated by the local Chancery Court
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Represented Morgan Keegan in defense of more than 300 customer-initiated arbitrations in the wake of the failure of a family of mutual funds
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Represented Duncan-Williams, Inc. in a raiding case against Coastal Securities, Inc., in which our client alleged that Coastal and former Duncan-Williams employees conspired to misappropriate, copy and delete documents in a raid of the Duncan-Williams public finance department
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Represented Raymond James & Associates, Inc., in a raiding claim against a competitor, Cantor Fitzgerald, that hired a significant number of employees away from our client’s fixed income department
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Successful representation of Securities Service Network and one of its investment advisory representatives in obtaining dismissal of customer claims against the firm, first in a FINRA arbitration and then in a state court action
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Successful representation of Securities Service Network, Inc., and its principal officer in an arbitration that was brought outside of the NASD’s (now FINRA’s) six year eligibility period
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Successful representation of Century Securities in a FINRA arbitration involving claims of unsuitably risky and inappropriate investment recommendations to the former trustee of a trust account
Professionals
Notice
Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.
Notice
Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.
Notice
Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.
Notice
Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.
Notice
Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.
Publications
Past Events
Media Mentions & Firm News
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Chambers USA
"Top-notch firm with an outstanding reputation for its wide-ranging civil litigation expertise. Well equipped to handle disputes in highly regulated industries, with notable strengths in financial services and healthcare cases. Demonstrates wider strengths in corporate disputes, including securities class and derivative actions, IP claims and privacy disputes. Also active in bankruptcy-related litigation. 'Bass, Berry & Sims has the depth of resources and a professional team capable of handling the most complex legal matters.' 'I am impressed with every aspect of the team that services our case. The depth of the research, writing and oral argument is very impressive. I have worked with firms around the country and would put this group at the top.' 'The firm is highly responsive, results-oriented, and anticipates the needs of clients. The team has handled a number of complex matters on behalf of our organization and we have extreme confidence in their legal acumen.'"
From Chambers USA 2022
Benchmark Litigation
Bass, Berry & Sims named "Tennessee Firm of the Year" in 2022 by Benchmark Litigation