Was that real or an AI hallucination? The case for checking that research twice
5/22/25
By: Lynn M. Dean
At least three federal courts in recent weeks have reviewed the conduct of lawyers and litigants who improperly used Artificial Intelligence (“AI”) generated research in submissions to judges. The emerging consensus is that such submissions violate …
Supreme Court overturns Chevron deference
7/22/24
By: David Shinder and Chad E. Weaver
On June 28, 2024, the Supreme Court of the United States (“SCOTUS”) issued its 6-3 decision in Loper Bright Enterprises, et al. v. Raimondo, Secretary of Commerce, et al., No. 22-451, overturning …
SCOTUS limits the SEC’s enforcement power
7/1/24
By: William R. Covino and Nancy M. Reimer
On June 27, 2024, the Supreme Court of the United States (“SCOTUS”) issued its decision in Sec. & Exch. Comm’n v. Jarkesy, U.S., No. 22-859, 2024 WL 3187811 (June 27, 2024), …
3/5/24
By: Travis Knobbe
In late January, we wrote about the new reporting requirements imposed by the Corporate Transparency Act (the “CTA”), effective January 1, 2024. As a reminder, the CTA requires many small businesses to report certain information concerning the …
FINRA Expels Broker-Dealer for Numerous Violations of Reg BI and FINRA Rules
6/15/23
By: Michael Ruocco and Tyler Jacobs
The Financial Industry Regulatory Authority (“FINRA”) recently expelled broker-dealer SW Financial and suspended the firm’s CEO. The Letter of Acceptance, Waiver, and Consent (“AWC”) related to the misconduct alleges that SW Financial exposed customers …
California Finally Mirrors the IRS By Allowing First-Time Penalty Abatement
5/15/23
By Caroline Wu & Elizabeth Lowery
For decades California has refused to enact a statute mirroring that of the IRS which expressly provides taxpayer with first-time abatement of penalties for failure to file tax returns or failure to timely pay …
Tackling Unauthorized Messaging in the Financial Sector
4/20/23
By David Chang
With the growing prevalence and rapid evolution of alternative communication channels, the Financial Industry Regulatory Authority (FINRA) is now emphasizing the requirement for broker-dealers to retain business-related messages across all mediums. FINRA’s approach mirrors the Securities and …
3/23/23
By Brett Asa
Webull Financial LLC, a freshly minted online brokerage, came to rise in 2018 by promoting 0% commission trading of stocks, options, and crypto. According to the Financial Industry Regulatory Authority’s (FINRA) latest News Release1, …
Responding to a Growing Investment Advisor Industry
3/9/23
By: Andrew Iles
The fields of investment management and financial advising are ever growing. For example, the Securities and Exchange Commission recently stated that the number of Registered Investment Advisors (“RIAs”) has ballooned by 25% since 2016, and now covers …
FINRA Seeks to Increase Control Over Expungement of Customer Dispute Disclosures
8/23/22
By: Leo Kogan
Federal law mandates that the Financial Industry Regulatory Authority (FINRA) collect and maintain information about the qualification, employment and customer complaint histories of brokers and other registered financial services professionals. To that end, FINRA maintains the Central …
Know when to fold ’em: spotting the first sign of troubled credit
2/16/22
By: Travis Knobbe
All too often, we get recovery files months, sometimes years, after the tipping point when assets begin depleting faster than they can be preserved to maximize lender recovery. To be fair, there are times when credit monitoring …
The preservation of appellate rights is critical to any trial
2/15/22
In a rare trade secret appeal involving two competitors in the alcohol sale software business, the United States Court of Appeals for the Eleventh Circuit provided a not-so-subtle reminder to all attorneys that correctly preserving appellate …