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

Event

2021 Cannabis Breakfast Series: The Latest on Medical Rules and Dispensary Applications

In this multi-topic session,  Cannabis Business Group  chair  Dan Walker  and  Business Law Practice Group  attorney  Sara Moppin  examine the current state of the Medical Marijuana rules in Maine and present an in-depth walkthrough...

Publication

Deadline for PPP Loan Applications Extended to May 31, 2021

On March 30, 2021, President Biden signed H.R. 1799, known as the “PPP Extension Act of 2021,” extending the Paycheck Protection Program (PPP) application deadline by 60 days – from March 31, 2021 to...

Publication

Maine Workers' Comp Alert: WCB Meeting Notes for June 2021

The following are highlights from the Maine Workers’ Compensation Board’s meeting of June 8, 2021. Attorney Kate Gatti Rooks Appointed for Partial Term as Administrative Law Judge in Portland Attorney Kate Gatti Rooks was...

Publication

Maine Workers' Comp Alert: Maine Supreme Court Issues Decision Regarding Statute of Limitations in Coordination of Benefits

Maine Supreme Court Issues Decision in Charest v. Hydraulic Hose Dealing with Unique Statute of Limitations Issue in the Context of the Coordination of Benefits On March 30, 2021, the Law Court issued a...

Event

2021 Cannabis Breakfast Series: Maine Legislative Review

What is happening with cannabis in Augusta and how will it affect your business, your clients, and the industry? Attorney  Dan Walker , chair of Preti Flaherty's  Government Affairs Practice Group , founder of...

News

Maine Justice Foundation Makes Inaugural Grants to Six Maine Groups Working for Racial Justice and Equity

The Maine Justice Foundation has made inaugural grants from its Racial Justice Fund to six Maine groups. The goal of the Fund is to support Black, Indigenous, and People of Color statewide to forge...

Event

ABI Northeast Bankruptcy Conference and Consumer Forum

Recent legislation and judicial decisions have changed consumer bankruptcy practice substantially over the last year. Bodie Colwell will join a panel discussion providing perspectives and analysis from the judiciary and debtors’ and creditors’ attorneys regarding...

Publication

Changing Control in the Time of COVID: Navigating ‘Change of Ownership’ Prior to PPP Loan Satisfaction.

The Hypothetical Everyone loves a hypothetical, right? So let’s begin with one about Billy Builder: Billy Builder holds 55% of the equity in a construction business he founded way back when the fax machine...

News

Benchmark Litigation Names Preti Flaherty 2021 “Maine Firm of the Year”

Benchmark Litigation has named Preti Flaherty as 2021 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...

News

Fifteen Preti Flaherty Attorneys Selected as Chambers USA Leaders in Their Field

Fifteen Preti Flaherty attorneys and five practice groups have been selected for inclusion in the 2021 Chambers USA Guide to America's Leading Lawyers for Business , the highly regarded directory of leading attorneys and...