Tim O'Connor's Blog

On Tuesday, June 28, 2011, the New York State Court of Appeals handed down its decision in ABN AMRO Bank N.V. v. MBIA, Inc., affording victimized insurance policyholders and customers access to the courts for their losses. Notably, the lower court had held that certain preemption provisions under New York State law prevented victimized policyholders […]

Effective October 3, 2011, the Banking Department and the New York State Insurance Department will soon merge to become the New York State Department of Financial Services (DFS).  A press release from the New York State Banking Department states: “Integrating these agencies under a single leadership and management structure will allow for greater efficiency and […]

In the pending appeal of Assured Guaranty v. J.P. Morgan, Inc., the Appellant, J.P. Morgan, is seeking a court determination that investors are preempted from and otherwise prevented from pursuing claims for non-fraud civil causes of action such as negligence, breach of contract, and breach of fiduciary duty.  The Public Investors Bar Association has submitted […]

What happens when a stockbroker or registered investment advisor steals money or securities from a customer’s account?  Does this happen often?  Unfortunately, the theft of customer monies and investments by stockbrokers and registered investment advisors occurs in less than 1% of all accounts.  When theft does happen, getting your money back may not be easy […]

For the past ten years tens of thousands of stockbrokers have left brokerage firms to become independent registered investment advisors.  So what’s the difference?   Stockbrokers are required to be registered with the Financial Industry Regulatory Authority, a self-regulatory existing under the auspices of the Securities and Exchange Commission.  FINRA maintains a comprehensive set of […]