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Georgia Court of Appeals Overturns Vacatur of FINRA Arbitration Award in Wells Fargo case
On August 2, 2022, the Georgia Court of Appeals reversed a Georgia lower court’s decision to vacate a Financial Industry Regulatory Authority (FINRA) arbitration award in a controversial investment dispute between Wells Fargo Clearing Services, LLC (“Wells Fargo”) and its clients (the “investors”). The Court of Appeals found that the Superior Court “provided no proper […] More
FINRA Publishes Independent Counsel’s Report Finding No Evidence of Improper Agreement to Remove Arbitrators from Cases
On June 29, 2022, FINRA published a report prepared by independent counsel which found no evidence of an improper agreement to remove certain arbitrators from arbitration cases. The report was prompted by a much-publicized Georgia Superior Court decision vacating an arbitration award in favor of respondent Wells Fargo Clearing Services, LLC, which found, among other things, […] More
Bipartisan Crypto Regulatory Overhaul Would Treat Most Digital Assets as Commodities Under CFTC Oversight
Under bipartisan legislation introduced last week, titled the Responsible Financial Innovation Act, certain digital assets would be classified as commodities and empower the Commodity Futures Trading Commission to regulate the industry. The bill’s sponsors characterize the legislation as a critical first attempt to structure the markets for digital assets with long-awaited legal definitions. The traditional Howey […] More
FINRA Issues Proposed Rule Change To End Mandatory Arbitration of Sexual Harassment Claims
The Financial Industry Regulatory Authority has filed rule changes that would end forced arbitration of sexual assault and sexual harassment complaints as of June 1. The FINRA rule changes were required by the Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act, which was signed into law in March. It gives employees the right […] More
Badgerow – Narrowing the Courthouse Door
On March 31, 2022, in an 8-1 decision, the United States Supreme Court in Badgerow v. Walters, __ S. Ct. __, 2022 WL 959675 (March 31, 2022) sharply curtailed litigants’ ability to confirm or vacate an arbitration award in Federal Court. The Supreme Court held that the “look through” provisions in Section 4 of the […] More
Regulators’ $200 Million Fine Against JPMorgan Signals Aggressive Campaign to Enforce Electronic Communication Policies and Procedures
On December 17, 2021, the Securities and Exchange Commission issued an Order against J.P. Morgan Securities LLC, fining it $125 million for the unapproved use of WhatsApp, text message and personal email communications by JPMorgan employees. See SEC Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act […] More
