Financial Services Litigation & Investigations Group
Financial Services Litigation & Investigations Group
In the face of turmoil and uncertainty, the world's major financial institutions continue to choose our team to help them manage their business, litigation and reputational risks and thrive in the new economic and regulatory climate. To our clients we are much more than litigators - we are business partners who have a stake in their success.
Second Circuit Review: FINRA's Inability to Bring Court Actions to Collect Fines
November 1, 2011
To read the article, click here.
Litigation partners Marty Flumenbaum and Brad Karp's Second Circuit Review column appeared in the October 26 issue of the New York Law Journal. In this article, the authors discuss Fiero v. Financial Industry Regulatory Authority Inc., in which the U.S. Court of Appeals for the Second Circuit held that the Financial Industry Regulatory Authority Inc. (FINRA) lacks authority to bring court actions to collect disciplinary fines. The panel's unanimous decision reversed the district court's dismissal of the plaintiffs' declaratory judgment action and vacated the money judgment entered by the district court on FINRA's counterclaim. Litigation associate Marques Tracy assisted in the preparation of the column.