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SAC's ONLINE LITIGATION ALERT: 2018-35 (09/17/2018)
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Arbitration

• Franse vs. Sandlapper Securities, LLC ▶
No. 2:17-CV-02207, 2018 U.S. Dist. LEXIS 144624 (E.D. Cal., 8/24/18)

*An arbitration agreement should be read in the context of the container agreement as a whole. **A claim based on the termination of a broker agreement is within the scope of an agreement providing for the arbitration of any controversy arising out of the broker’s business.
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• Ameriprise Financial Services, Inc. vs. Brady ▶
No 1:18-cv-10337 (D. Mass., 9/11/18)

A statutory or contractual basis must underlie a Panel's award of attorney fees, under Massachusetts law; without it, fee awards must be vacated.
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• Zimmerman vs. UBS AG ▶
No. 17-cv-4503 (S.D. N.Y., 8/24/18)

*Where all surviving claims in a court action are arbitrable, it is appropriate to stay the action pending the resolution of the arbitration. **Material information is sufficiently disclosed to investors where it is set forth in a document incorporated by reference in the offering materials.
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Business & Employment

• Boulevard and Co., LLC vs. Arres, Inc. ▶
No. 17-13346 (E.D. Mich., 8/27/18)

Due Process requires that a non-resident defendant have certain minimum contacts with the forum state so that the exercise of jurisdiction over him does not offend traditional notions of fair play and substantial justice.
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Class Actions

• Velazquez vs. Massachusetts Fin. Servs. Co. ▶
No. 17-11249, 2018 U.S. Dist. LEXIS 120424 (D. Mass., 7/19/18)

*An ERISA beneficiary has standing with respect to a retirement plan of her employer in which she is not enrolled, where she pleads an injury implicating general fund management practices. **Retirement plan disclosures do not confer actual knowledge on a plan beneficiary. ***An allegation that ERISA fiduciaries collected excessive fees for proprietary funds that are unjustifiably more expensive than similar alternatives states a claim for breach of their duty of loyalty and prudence. ****Mutual funds fees are not ERISA plan assets.
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• Nielen-Thomas vs. Concorde Investment Services, LLC & TD Ameritrade, Inc. ▶
No. 18-cv-229 (W.D. Wis., 7/26/18)

*A case brought as a class action may be a “covered class action” under SLUSA, and thus subject to SLUSA preemption, even if the putative class contains less than 50 persons. **The Securities Act of 1933 does not apply to claims for the sale of unsuitable investments.
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Regulatory

• SEC vs. Alpine Securities Corp. ▶
No. 17cv4179 (S.D. N.Y., 6/18/18)

Motions for reconsideration are strictly scrutinized and will be granted only in the rare case where extraordinary circumstances warrant.
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Securities Customers

• Firefighter’s Retirement System vs. Citco Group Limited ▶
No. 13-373 (M.D. La., 5/21/18)

The attorney-client privilege extends to communications of attorneys with third parties, including investment banks, that are necessary for the rendering of legal advice to their clients.
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• Patin vs. Aegis Capital Corp. ▶
No. 18-5952 (E.D. La., 8/24/18)

*When a brokerage account loses half of its value, the account holder is put on notice of the need to investigate the reason for the loss. **The doctrine of continuing tort does not toll the prescription period under Louisiana law against a broker-dealer sued by a customer under the doctrine of respondeat superior once the customer transfers her account to another broker-dealer.
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BOARD OF CONTRIBUTING LEGAL EDITORS

Richard P. Ryder
Editor-in-Chief, SLC

Senior Contributing Editors:          

Jack D. Ballard
Ballard & Littlefield, LLP
Houston, TX


Christopher G. Lazarini
Bass Berry & Sims PLC
Memphis, TN

Ben Suter
Keesal Young & Logan
San Francisco, CA
    Paul J. Dubow
Arbitrator • Mediator
San Francisco, CA


Pete S. Michaels
Greenberg Traurig LLP
Boston, MA
    Jill I. Gross
Elisabeth Haub School of Law
Pace University
White Plains, NY

Jeremy A. Root
Stinson Leonard Street LLP
Jefferson City, MO



Contributing Editors:

David C. Franceski, Jr.
Stradley Ronon
Stevens & Young LLP
Philadelphia, PA

Noah D. Sorkin
Capital Forensics, Inc.
New York, NY
    James L. Komie
Howard & Howard
Chicago, IL


Burton W. Wiand
Wiand Guerra King PL
Tampa, FL



NOTICE: The publisher accepts full responsibility for the summaries presented in this publication and for any views expressed therein. Our Contributing Editors and any law firm or organization with which the Contributing Editors may be affiliated bear no responsibility for the contents of this publication. Moreover, by summarizing a particular decision, a Contributing Editor does not necessarily endorse the holding. To the extent comments or opinions are expressed herein by any editor, such comments or opinions are not necessarily the views of other Contributing Editors or the law firm or organization with which they may be affiliated. Editorial comments and analysis are designed to stimulate thought and convey information of value; they are not intended as, nor do they constitute, legal advice. The decisions summarized herein should not be viewed as authoritative precedent without proper citechecking and adherence to local court rules.
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