Stock Market Loss News

The allowance of class-action waivers between brokers and customers is being called into question with the Supreme Court, and it could have a dramatic impact on how arbitration is handled through Finra moving forward. The Trump Administration has raised questions regarding the regulation of class-action waiver, in a brief that was filed with the 5th

Obviously, the decision to expunge complaints from brokers’ records will always remain somewhat controversial. Almost all client/broker contracts have a clause that sends client complaints to an arbitration board before allowing public complaints; and this appears fair to both clients and brokers. Future clients certainly deserve a warning about brokers who haven’t acted in their

Although FINFA received 51 recommendations from a task force designed to improve the arbitration process, it recently announced only a few modest changes to the system. The number of public arbitrators is expanded from 10 to 15 and attorneys can chair arbitrations after participating in one. Also, it will be easier to dismiss arbitration cases

New FINRA rules regarding nontraded REITs have some advisors crying off this investment. The rule requires advisers to report the actual value of those investments – less commissions to their clients, a practice many had avoided. Several experts view nontraded REITs as a money-maker for the advisor but not the client, as there is no

The SEC is struggling with the concept of an accredited investor, a system that was established in 1982 and has remained largely unchanged. The call to modify these rules comes at a time when more companies are choosing to stay private longer and avoid the expense of meeting the regulatory compliance requirements of a public

FINRA’s new CEO, Robert Cook, faces many challenges as long-simmering issues over transparency and investor protections are likely to boil over during his tenure. The organization has received sharp criticisms from congress and industry experts complain that efforts to address concerns are not effective. PIABA President Hugh Berkson notes that the BrokerCheck system developed by

Hugh Berkson, a principal with McCarthy, Lebit, Crystal & Liffman, is the current President of the Public Investors Arbitration Bar Association. More than 400 PIABA members represent investors nationwide in mandatory arbitration conducted under the auspices of the Financial Industry Regulatory Authority (FINRA). PIABA also promotes the interests of the public investor in securities arbitration,

We members of the securities litigation group – attorneys  Hugh Berkson, and Jay Salamon — are pleased to announce that we have become principals in the prominent Cleveland, Ohio law firm of McCarthy, Lebit, Crystal & Liffman, Co. LPA. We are joined at McCarthy Lebit by our team’s stellar paralegal, Laurie Wilde. With the

Former Merrill Lynch broker Thomas J. Buck has been named in several complaints, already costing the company over $4.1 million in settlements. Many of the complaints allege that Mr. Buck steered clients toward commission-based accounts versus lower cost fee-based accounts. Highly active accounts quickly racked up charges. Although the settlement amounts seem high, they were