At Supreme Court, Fidelity Argues Against Liability Over 'Suspicious Activity Report'
"Financial institutions are absolutely immune from private suits that are based on the filing of a suspicious activity report," lawyers from Jones Day, on behalf of client Fidelity Brokerage Services, told the U.S. Supreme Court on Monday.
January 06, 2020 at 03:24 PM
4 minute read
Lawyers for the investment services provider Fidelity Brokerage Services LLC on Monday asked the U.S. Supreme Court to keep in place a federal appeals court ruling that said the company could not be held liable in a private lawsuit for merely telling U.S. financial regulators about an allegedly suspicious stock transaction.
Fidelity, represented by the law firm Jones Day, is vying to leave undisturbed an April 2019 decision from the U.S. Court of Appeals for the First Circuit. A provision of the federal Bank Secrecy Act accords immunity to financial institutions that make voluntary and confidential disclosures called "suspicious activity reports." These submissions, widely known by their acronym SARs, help federal authorities investigate potential financial misconduct.
The Jones Day team, led by partner Shay Dvoretzky, is contesting a Supreme Court petition filed in September by AER Advisors Inc. and two of its clients, William J. Deutsch, who is chairman of Deutsch Family Wine & Spirits, and his son Peter Deutsch, who serves as the company's chief executive officer. The Deutsches and AER Advisors are represented by Howard Graff, an Arent Fox counsel in New York.
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