On October 24, 2014, the Public Investors Arbitration Bar Association (PIABA), an international bar association comprised of attorneys dedicated to the representation of individual investors in disputes with the securities industry, announced the 2014 PIABA Distinguished Service Award recipient, Brian N. Smiley. Brian is a former president of PIABA and member of its board of […]
Smiley Presentation Receives National Press
Brian Smiley moderated a panel discussion on “The Arbitrator’s Perspective” at the 2014 PIABA Annual Meeting in La Quinta, California. Brian has spoken over 15 times at PIABA meetings on topics ranging from brokerage misconduct to arbitration strategy and techniques. This most recent presentation was the subject of a 10/27/2014 article http://www.thestreet.com/story/12927272/1/fighting-your-broker-in-arbitration-finra-judges-give-some-tips.html in TheStreet by […]
Mike Bishop elected president of North Fulton Bar Association
Smiley Bishop & Porter partner J. Michael Bishop has been elected president of the North Fulton Bar Association for 2012-2013. The NFBA consists of approximately 130 members who are primarily lawyers practicing or living north of the Chattahoochee River in the Atlanta, Georgia metropolitan area. Its membership also includes judges whose jurisdictions include North Fulton County. […]
State of Georgia Investigating Sales of Reverse Convertible Notes
It has been reported that the Secretary of State of Georgia, who regulates stockbrokers, is investigating whether securities laws were violated by the sale of reverse convertible notes to Georgia investors. According to a July 21, 2011 report in Bloomberg, the Secretary has issued subpoenas to UBS AG, Morgan Stanley, and Ameriprise Financial Inc. in order […]
U.S. Supreme Court Decision Gives Arbitration a Big Boost
In AT&T Mobility LLC v. Concepcion (April 27, 2011), the U.S. Supreme Court handed a big win to corporations that want to avoid facing class actions for consumer fraud. In a five to four decision, the Court reversed a Ninth Circuit ruling that invalidated a provision in AT&T’s cell phone contracts which required customers to […]
David Lerner & Associates, Inc. Apple REITs Investigation
Investors in Apple REIT Ten sold by David Lerner & Associates, Inc. (“DLA) have reason to consider their legal options. FINRA recently filed a complaint against DLA, the underwriter of Apple REIT Ten which invests in extended stay hotels. FINRA alleges that DLA sold this investment to elderly and unsophisticated clients despite having failed to […]
The Three Most Common Wall Street Defenses
There are between 3,000 and 9,000 arbitration claims filed with FINRA against brokerage firms every year. The most frequently filed complaints allege that a broker breached his/her fiduciary duty, made misrepresentations, or sold investments that were not suitable for the client’s needs or investment objectives. For every case that actually gets filed in arbitration there […]
An Overview of FINRA Arbitration
When clients open a brokerage account they usually sign a contract requiring them to resolve any disputes with the firm or their broker through arbitration rather than in court. The Financial Industry Regulatory Authority (FINRA) is normally the forum where these cases are heard. There are pros and cons to FINRA arbitration, but the basic […]
An Outline of the FINRA Arbitration Process For Customer-Broker Disputes
I. General A. Nearly all brokerage firms require retail clients to sign an agreement to have all disputes between them decided in arbitration rather than court. B. About 25 years ago, in Shearson/Am. Express, Inc. v. McMahon, 402 U.S. 220 (1987), the U.S. Supreme Court upheld the validity of arbitration clauses which require clients to […]
Public Guard Changes at SICA
Brian Smiley’s appointment to SICA is discussed in a recent Securities Arbitration Commenter Alert. A “Securities Arbitration Alert” published on April 6, 2011 by the Securities Arbitration Commentator discussed Brian Smiley’s recent appointment to the Securities Industry Conference on Arbitration (SICA).
