According to a report in Reuters, unnamed sources have stated that Ameriprise Financial is willing to let its broker-dealer subsidiary, Securities America, go out of business. Securities America is in financial trouble as a result of liabilities arising from its sales of $400 million in private placements of securities issued by Provident Royalties and Medical […]
Nothing to Sneeze At: US Supreme Court Rules In Favor of Investors in Matrixx Securities Fraud Case
Unanimous decisions by the U.S. Supreme Court are rare. Even rarer are those upholding class action claims under the federal securities laws. Because of this, there is reason to be pleased with yesterday’s opinion, Matrixx Initiatives, Inc. v. Siracusano (No. 09-1156) (Mar. 22, 2011). In the case, the Court ruled that the plaintiffs stated a […]
UBS, Bank of America, Citigroup—Investigated for Manipulation of LIBOR
Recent reports reveal that UBS, Bank of America (BOA), and Citigroup are under investigation by the SEC and U.S. Department of Justice for allegedly manipulating the London Interbank Offered Rate, known as LIBOR. LIBOR is the most widely used benchmark for short-term interest rates. Manipulation of Libor is hugely consequential since it is a benchmark […]
Judge Frees Investors to Pursue Medical Capital Holdings and Provident Royalties Arbitration Claims
Brokerage firms normally want to stay out of court and force their clients to sue in arbitration; yet, Securities America, a subsidiary of Ameriprise Financial, Inc., went to court in an effort to cram down a class action settlement on its clients who had brought individual FINRA arbitration claims against it. Why? Money (of course). Securities […]
True Crime Saga “Inside Job”-The Real Cause of the Economic Collapse of 2008
The economic collapse of 2008 was no accident. It was an “Inside Job,” according to filmmaker Charles Ferguson. His award winning documentary is essential viewing for anyone who wants to look behind the curtain at the forces that caused the real estate/subprime bubble that brought many of the world’s biggest economies to their knees. There are plenty […]
The Japanese Earthquake and Leveraged ETFs
The earthquake and tsunami in Japan are a horrifying human tragedy, and our hearts must go out to the thousands of victims and their families. It would be wrong to equate financial loss with loss of actual lives. Yet, the natural disaster and its subsequent impact on the Japanese stock market highlights the investment risk […]
Lisa Mitchum, Certified PLS, reelected as Region 4 Director of NALS, Inc.
Lisa Mitchum, Certified PLS, a legal assistant with the firm, was recently installed as a Regional Director of NALS…the association for legal professionals (http://www.nals.org) for a second term during NALS’ Professional Development and Education Conference held in Tulsa, Oklahoma, March 11-13, 2011. The 60th Annual NALS Education Conference & National Forum will be held October […]
Brian Smiley Quoted in “On Wall Street”
Brian Smiley was quoted in On Wall Street concerning a new FINRA rule that allows parties to have investor cases decided by panels that do not include an arbitrator affiliated with the securities industry. The SEC’s approval of the new process was great news to Brian Smiley, a partner at Smiley Bishop & Porter LLP, […]
Brian Smiley Recognized by Georgia Super Lawyers Magazine
Brian Smiley has been named by Georgia Super Lawyers magazine as one of the top attorneys in Georgia for 2011. Only 5% of the lawyers in the state are named by Super Lawyers. The selections for this esteemed list are made by the research team at Super Lawyers, which is a service of the Thomson Reuters […]
John C. Porter, Jr. Recognized by Georgia Super Lawyers Magazine
John C. Porter, Jr. has been named by Georgia Super Lawyers magazine as one of the top attorneys in Georgia for 2011. Only 5% of the lawyers in the state are named by Super Lawyers. The selections for this esteemed list are made by the research team at Super Lawyers, which is a service of […]
