Pullman & Comley's litigation team is experienced in handling claims under the federal and state securities laws and common law, including claims of unauthorized trading, suitability, breach of fiduciary duty, fraud and misrepresentation, failure to supervise, churning, and other allegations. Securities cases almost invariably involve complicated financial transactions and often turn on who knew what and when. We pride ourselves on our ability to determine the answers to those questions early in the process and fashion a strategy tailored to our client’s needs, the litigation venue, and our opponent’s motivations.
The firm’s securities litigators frequently represent companies embroiled in contentious battles arising out of public offerings, merger transactions and asset divestitures. Those suits often involve 1933 and 1934 Act claims and are usually brought as class or derivative actions. In addition, we also counsel investment advisors, broker-dealers, institutional investors and high net worth individual investors in private suits and Financial Industry Regulatory Authority arbitrations and mediations.
- Defended against Securities Exchange Act claims, including Section 12 claims, Rule 10b-5 claims, control person claims and related state law claims
- Represented registered representative in FINRA Rule 8210 investigation and sworn interview
- Defended a publicly traded company accused of back-dating stock options in derivative cases brought in state and federal court, securing a dismissal of the federal action for failure to make adequate demand.
- Defended investment advisory client against common-law and Blue Sky claims by institutional advisee whose former officer had diverted assets under management. After expert discovery and limited motion practice, the matter was successfully resolved by private mediation in advance of trial.
- Represented one of New England's leading liberal arts colleges, which claimed that its financial broker had failed to make trades of stock gifted to the college in accordance with their long standing agreement, resulting in significant losses after the market collapse. A FINRA panel arbitrated and found in favor of client, awarding nearly 100 percent return on losses.
- Defended financial advisory client in lawsuit brought by individual who claimed significant losses with the market crash and that her account opening agreement was a contract of adhesion; secured dismissal of case.
- Successfully represented a brokerage client sued by customers claiming more than $100,000 in losses during the market downturn; after a five day hearing, FINRA arbitration panel rejected bulk of claims and limited its award to out-of-pocket costs.
- Represented acquirer of company in separate state and federal suits by shareholders who challenged the merit of the potential sale. The case was dismissed in exchange for modest, additional disclosures to shareholders.
- Provide advice relating to U4 Reporting and FINRA expungement process.
Represented advisor in FINRA mediation where client alleged that the advisor recommended an unsuitable concentration of retirement assets into illiquid and speculative investments. Negotiated favorable settlement for advisor whereby brokerage firm covered majority of settlement amount and costs and minimized U4 disclosure.
News & Insights
- Inn at Middletown, 70 Main Street, Middletown, CT, 11.10.2022
As cybersecurity and data privacy have emerged as critical concerns for both large and small businesses, we have responded by providing broad-based cybersecurity counseling.