2nd Circuit Eyes Jurisdiction Over Broker's Customer in FINRA Disciplinary Process
John Mitchell of Faegre Drinker Biddle & Reath, who represents FINRA, argued that the regulator had jurisdiction in a case where a broker-dealer's customer "completely changed the nature" of its customary investments.
December 14, 2022 at 04:38 PM
3 minute read
Financial Services and Banking
A three-judge panel of the U.S. Court of Appeals for the Second Circuit on Wednesday considered the limits of the Financial Industry Regulatory Authority's jurisdiction over a man who claims that, as a customer of a broker-dealer, he should not have been disciplined by FINRA.
Gusrae Kaplan Nusbaum managing partner Martin Kaplan, who represents the plaintiff John Fife, urged the panel to reverse the district court's dismissal of Fife's complaint.
Kaplan argued that Fife, who invested money from his family's trust with a Boston-based broker-dealer known as Gordon & Co, was not required to exhaust his administrative remedies before seeking relief in district court.
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