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 Welcomes Attorneys James W. Beers, Jr., and Alan E. Topalian to the Firm

Preti Flaherty is pleased to announce the arrival of two new attorneys: James W. Beers, Jr., and Alan E. Topalian. James joins the Environmental Practice Group as a Director and will work from the...

Press Coverage

Maine State Police May Be Spying on You

Police and governments are increasingly turning to new tracking and monitoring methods in their efforts to prevent and record evidence of crimes. A Portland Press Herald investigation examines these expanding law enforcement abilities and the...

Event

2020 Employment Law Series: A Legislative Update for HR Professionals

For more than 25 years, Preti Flaherty's Employment Law Group has been keeping clients, business partners, and friends up to date on recent developments in employment law. Join us as we continue that tradition...

News

Attorney Betsy E. Wakefield Joins Preti Flaherty’s Business Law Group

Preti Flaherty is pleased to announce that Betsy E. Wakefield has joined the firm. Betsy will practice with the Business Law Group from the firm’s Portland office, where she will be counseling banking and...

Publication

NH Gov. Sununu Issues Stay-At-Home Order - Construction Considered Essential Industry

Yesterday, in response to the COVID-19 outbreak, New Hampshire Governor Chris Sununu issued an emergency order shuttering all non-essential businesses in the state effective today. This morning, the governor's office released a list of...

Press Coverage

6th Circ. Says Auto Parts Co. Can't Arbitrate Price-Fixing Suit

On February 24, a three-judge panel of the Sixth Circuit Court of Appeals upheld a Michigan district court's January 2019 decision that KYB Corp. can't force a suit accusing it of conspiring with other auto parts...

Publication

Maine Workers' Comp Alert: WCB Announces New Nature and Cause of Injury Codes and FAQ for COVID-19

New Nature & Cause of Injury Codes The Maine Workers’ Compensation Board (WCB) has updated the Injury Description Tables that are used by the International Association of Industrial Accident Boards and Commissions (IAIABC) to...

Publication

EPA Announces Temporary Relaxation of Certain Environmental Compliance and Monitoring Obligations During the COVID-19 Pandemic

Citing potential worker shortages and social distancing and travel restrictions related to the COVID-19 pandemic, on Thursday, March 26, 2020, the U.S. Environmental Protection Agency announced that it would exercise enforcement discretion and temporarily...

News

Benchmark Litigation Names Preti Flaherty 2020 “Maine Firm of the Year”

Benchmark Litigation has named Preti Flaherty as 2020 Litigation Firm of the Year in the State of Maine. The Benchmark Awards honor distinguished litigators and law firms in all 50 states and 10 practice...

Press Coverage

Maine - Waterville Coronavirus Panel Illegally Met in Secret

A Waterville City Council coronavirus subcommittee formed in response to the outbreak has been accused of illegally meeting in secret, denying public access to its deliberations, and making unlawful decisions. Extended Coverage: Virus Concerns Lead to 'Public' Meetings Without...