Good news for the Hospitality Industry!  Serial Plaintiff’s days may be numbered.
Nov 20, 2020

Good news for the Hospitality Industry!  Serial Plaintiff’s days may be numbered.

By Dianna D. McCarthy, Heidi M. Gootnick

On November 19, 2020, the Honorable Brenda K. Sannes, United States District Court Judge for the Northern District of New York issued an order dismissing 20 of serial Plaintiff Deborah Laufer’s cases without prejudice.  This victory has major implications for the hospitality industry, as Laufer brought suit against hundreds of hotels, many of which are […] More

All-Remote Win for the Defense on a Motion to Dismiss
Oct 22, 2020

All-Remote Win for the Defense on a Motion to Dismiss

By Kenneth A. McLellan

We hope that you all are doing well and are adjusting to your new work environment, whether it be working exclusively from home or a hybrid arrangement with some time spent in the office.  Just a few months ago, no one would have thought that virtual Court appearances, depositions and mediations would become the norm. […] More

Enforcement of Massachusetts Fiduciary Rule Just Kicked In
Sep 8, 2020

Enforcement of Massachusetts Fiduciary Rule Just Kicked In

By Derek C. Anderson

On September 1, 2020, Massachusetts’ new fiduciary conduct standard went into effect.  In March 2020, Massachusetts became the first state in the country to fully adopt this heightened standard for broker-dealers. The regulations are the result of consumer-oriented Massachusetts Secretary of State Bill Galvin’s opinion that the SEC’s Regulation Best Interest (Reg BI) is insufficient […] More

SEC Expands Definition of “Accredited Investor”
Sep 3, 2020

SEC Expands Definition of “Accredited Investor”

By Michael Schwartzberg

On August 26, 2020, the Securities and Exchange Commission adopted amendments to its definition of “accredited investor”, one of the primary prerequisites to participating in private capital markets. Historically, “accredited investors” were defined solely by an investor’s income and/or net worth, without regard to the investor’s acumen or sophistication. Thus, even sophisticated and experienced investors […] More

FINRA Amends Its Suitability, Capital Acquisition Broker Suitability and Non-Cash Compensation Rules to Comply with Sec’s Regulation Best Interest
Aug 27, 2020

FINRA Amends Its Suitability, Capital Acquisition Broker Suitability and Non-Cash Compensation Rules to Comply with Sec’s Regulation Best Interest

By Derek C. Anderson

On June 19, 2020, FINRA issued Regulatory Notice 20-18, noting changes to FINRA’s suitability rule, Capital Acquisition Broker (“CAB”) suitability rule and rules governing non-cash compensation consistent with the requirements of the SEC’s Regulation Best Interest (“Reg BI”).  The changes were approved by the SEC and became effective on June 30, 2020, the compliance date […] More

FINRA Issues New Regulatory Notice Regarding Private Placement Communications with the Public
Aug 24, 2020

FINRA Issues New Regulatory Notice Regarding Private Placement Communications with the Public

By Denis Dice

FINRA has issued Regulatory Notice 20-21 which provides guidance to its member firms to help them comply with FINRA Rule 2201 pertaining to retail communications concerning private placement offerings.  FINRA Rule 2201 requires that all member firm communications be fair, balanced and not misleading.  Communications must disclose risks and be accurate in order to provide […] More

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