Banks, brokers, and other institutions in the financial services industry are experiencing an unprecedented level of scrutiny. Whether trying to comply with increasingly onerous regulations or seeking to successfully navigate government investigation, simply doing business is a minefield. Investors faced with complex investment options often have little choice but to rely on the recommendations and planning provided by investment professionals—reliance that is occasionally misplaced or induced by fraud. Preti Flaherty’s Financial Industry Litigation & Arbitration practice group offers vital representation in financial services disputes, securities litigation, and arbitration. Our trial lawyers represent investors, financial advisors, broker-dealers, registered investment advisors, banks, and other financial institutions on regulatory matters, litigation, arbitration, and compliance counseling.

Capitalizing on Experience

Our experience includes the full gamut of claims and a broad range of investments. We have handled claims of unsuitable investment recommendations, breach of fiduciary duty, churning, unauthorized trading, failure to supervise, elder abuse, negligence, and securities fraud.

Our track record in securities disputes speaks for itself:

  • Jury award of $7.5 million against national bank for failure to provide financial and investment advice to client, Fleet National Bank v. Mayeux, Docket No. CV-03-247
  • Settlement involving financial advisor’s abuse of power of attorney from a cognitively impaired senior investor
  • Award at arbitration for financial advisor’s unsuitable recommendation to mortgage the investor’s home to buy speculative stocks, Gregoire v. Morgan Stanley DW, Inc., NASD-DR No. 04-06425
  • Restitution from an insurance company for unsuitable sale of deferred equity indexed annuity to an elderly widow with few assets
  • Award at arbitration for unauthorized trading and weak data security procedures when investor’s family member gained online access to investor’s retirement account, Landry vs. Fidelity Brokerage Services LLC Co., FINRA Case ID 13-00523
  • Settlement involving insurance agent having induced an senior investor with dementia, to surrender high yield annuities to buy whole life insurance causing capital gains tax liability and income loss
  • Settlement involving brokerage firm responsible for recommending penny stocks and other speculative investments to senior investor
  • Award at arbitration in eight figure securities fraud claim against seller of substantial manufacturing company, Kingspan Holdings US, Inc. v. Daniel R. Baker et al., American Arbitration Association, Case No. 50 T 168 00487 1

Comprehensive Advocacy

We provide sophisticated counsel on a broad array of investment scenarios, including stocks, options, mutual funds, bonds, complex structured products, annuities, life insurance, REITs, private placements, variable life insurance, and variable annuities. We  also assist financial institutions with regulatory investigations and enforcement actions involving state regulators in Maine and New Hampshire.

Any highly regulated industry face challenges. But challenges should not be obstacles to success. They should be opportunities for creative strategy and action that results in long-term returns. Our attorneys know how to turn adversity into advantage. With a mix of diverse experience and innovative tactics, we have built our reputation on delivering for our clients, helping them to leverage every challenge into a chance to prosper.

Firm Highlights

News

Preti Flaherty Names Michael S. Smith as Managing Partner

Preti Flaherty announced this week the election of Michael S. Smith as the firm’s new Managing Partner, effective July 15, 2024. He succeeds David Van Slyke, who is resuming his role as chair of...

News

Matthew C. Worthen Joins Preti Flaherty’s Real Estate and Finance Practice Group

Preti Flaherty is pleased to welcome Matthew C. Worthen as a Director in the firm’s Real Estate and Finance Group. Worthen previously served as a Shareholder and Chair of the Real Estate Group at...

Press Coverage

Portland law firm Preti Flaherty unveils renovated HQ space

Preti Flaherty has remodeled its Portland headquarters, spanning three floors and 41,000 square feet at One City Center. The update features hybrid workstations, collaborative areas, and an internal staircase that integrates flexible conference and...

News

10 Preti Attorneys, 6 Practice Groups Honored in National Rankings

Ten Preti Flaherty attorneys and six practice groups have been selected by Chambers USA for inclusion in their premiere annual list of America’s leading lawyers. Preti is recognized for excellence in the practice areas...

News

Preti Flaherty Welcomes Trusts and Estates Attorney Dianne Ricardo to the Firm

Preti Flaherty is pleased to announce that Dianne Ricardo has joined the firm’s Trusts & Estates Practice Group. Based out of the firm’s Concord, New Hampshire office, Dianne focuses her practice on comprehensive estate...

Publication

Supreme Court Clarifies Constitutionality of Outdoor Camping Bans

Earlier today the United States Supreme Court issued its decision in the  City of Grants Pass, Oregon v. Johnson et al. , overturning a 2019 decision from the 9 th  Circuit Court, which held...

Publication

What Is the Affirmative Relief Announcement?

On June 18, 2024, President Biden announced  a series of immigration actions  using the authority granted to him by our existing immigration laws. These actions will help certain undocumented individuals in the United States...

Publication

Compliance for Two—What Employers Need to Know about the Newly Effective Final Regulation for the Pregnant Workers Fairness Act

On June 18, 2024 the final rule from the U.S. Equal Employment Opportunity Commission (EEOC) implementing the Pregnant Workers Fairness Act (PWFA) takes effect, clarifying employers' obligations under this landmark legislation. Effective since June 27...

Press Coverage

Looking to 'new generation,' Preti Flaherty promotes 42-year-old litigator to managing partner

Effective July 15, Michael S. Smith has been named managing partner of the law firm Preti Flaherty. Michael succeeds David Van Slyke, who will resume his role as chair of the firm’s environmental practice...

Publication

Copyright Litigation: Substantial Similarity

In copyright litigation, courts assess substantial similarity to determine if alleged copying constitutes infringement. This evaluation involves comparing works across different categories using objective measures and subjective impressions to weigh similarities and dissimilarities. Even when...