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ALJ May Be a Gentleman, But No Officer, Rules DC Circuit in SEC Appeal: Raymond J. Lucia Companies, Inc. v. SEC
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By Pete S. Michaels

An Article 2 appointee is an Officer, who must be properly appointed under the Constitution’s Appointments Clause,

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Comment Period Closes on CFPB’s Proposed Ban on Class Action Waivers: Where To Begin?
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The comment period for the Consumer Financial Protection Bureau’s (“CFPB”) proposed rule banning class action waivers closed on August 22nd with a massive number of comments.

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SDNY Defines FINRA “Customer” – Again: Deutsche Bank Securities, Inc. v. Roskos
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By Christopher G. Lazarini

Absent an arbitration agreement, a person seeking to compel a FINRA member to arbitrate as its “customer” must (1) have an account with the FINRA member or (2) have purchased goods and services from the FINRA member.

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Three Strikes, You’re Out: Fifth Circuit Again Invalidates NLRB’s Anti-Class Action Waiver Policy
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For the third time, the Fifth Circuit has rejected the National Labor Relations Board’s (“NLRB”) view that use of class action waivers in predispute arbitration agreements (“PDAAs”) violates the National Labor Relations Act (“NLRA”).

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Expungement Award Survives Challenges by Broker and Regulator: Hernandez v. E*Trade Securities, LLC
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By David C. Franceski, Jr.

*Because Pennsylvania’s statutory standards for vacatur of an arbitration Award are inherently procedural and facilitate rather than impede the goals of the FAA,

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Rulemaking Petitions: How Do They Work and Can They Impact Arbitration?
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First, let’s make the topic real. Just last month, the SEC posted a petition for rulemaking that suggests the Commission take steps to improve the FINRA arbitration process,

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