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Posts published in “Securities Litigation”

Maurice Wutscher LLP Securities Litigation Practice

9th Cir. Holds Mass Communication Through Social Media Can Constitute Solicitations Under Securities Act of 1933

In an opinion that could have serious adverse effects for social media influencers, the Ninth Circuit recently reinstated litigation against influencer and real estate syndicator Grant Cardone and his company, Cardone Capital, LLC, holding that Section 12 of the Securities Act of 1933 does not require that a solicitation be directed or targeted to a particular plaintiff.

Illinois App. Court Affirms $11 Million FINRA Award, Holds ‘Public Policy’ Exception of Arbitration Act is Limited to Awards Arising From a CBA

The Appellate Court of Illinois, First District, recently affirmed an $11 million arbitration award entered by a Financial Industry Regulatory Authority panel in favor of a financial advisor and against his former employer. In doing so, the Court held that the “public policy” exception of the Illinois Uniform Arbitration Act is limited to arbitration awards arising from a collective bargaining agreement (CBA).

Mass. Superior Court Affirms Mutual Request for Attorneys’ Fees in Arbitration Can Provide Requisite Legal Basis for Award of Fees

The Massachusetts Superior Court, Business Litigation Session, recently denied a broker-dealer’s motion to vacate a Financial Industry Regulatory Authority (FINRA) arbitration award requiring it to pay attorneys’ fees to its former employees, holding that the parties’ mutual request for attorneys’ fees in an arbitration can provide the requisite legal basis for an award of attorneys’ fees.