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 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.

  • Successful defense of LPL Financial in $5.8 million FINRA arbitration claim

    We successfully defended LPL Financial in a $5.8 million FINRA arbitration claim.  The claimants asserted that LPL improperly concentrated their...
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    Client Type: Public Company
  • Successfully argued issue of first impression under the Securities Litigation Uniform Standards Act before the U.S. Court of Appeals for the Sixth Circuit

    We successfully argued issue of first impression under the Securities Litigation Uniform Standards Act before the U.S. Court of Appeals...
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    Client Type: Public Company
  • 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

    We served as lead counsel for Morgan Keegan and related entities in Federal securities, ERISA and derivative multi-district litigation related...
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    Client Type: Public Company
  • 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

    We successfully represented Morgan Keegan in obtaining the dismissal of customer claims against the firm in a FINRA arbitration. The...
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    Client Type: Public Company
  • Represented Morgan Keegan in defense of more than 300 customer-initiated arbitrations in the wake of the failure of a family of mutual funds

    Between 2008 and 2012, we represented Morgan Keegan in defense of more than 300 customer-initiated arbitrations in the wake of...
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    Client Type: Public Company
  • 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

    We represented Duncan-Williams, Inc. in a raiding case against Coastal Securities, Inc., in which our client alleged that Coastal and...
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    Client Type: Private Company
  • 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

    We represented Raymond James & Associates, Inc., in a raiding claim against a competitor, Cantor Fitzgerald, that hired a significant...
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    Client Type: Public Company
  • 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

    We successfully represented Securities Service Network and one of its investment advisory representatives in obtaining dismissal of customer claims against...
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    Client Type: Private Company
  • 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

    We successfully represented Securities Service Network, Inc., and its principal officer in an arbitration that was brought outside of the...
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    Client Type: Private Company
  • 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

    We successfully represented Century Securities in a FINRA arbitration involving claims of unsuitably risky and inappropriate investment recommendations to the...
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    Client Type: Private Company
Ryan R. Baker
Member
Michael A. Brady
Member
Shayne R. Clinton
Member
John S. Golwen
Member
Michael P. Kapellas
Associate
Christopher G. Lazarini
Member
Michael J.  Rivera
Member
Russell E. Stair
Member
Amy Worrell Sterling
Senior Litigation Attorney
Shepherd D. Tate
Member