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Winking at Warnings Rules Out Reliance on Prospectus Perusal in Securities Suit: Federal Home Loan Bank of Seattle v. Barclays Capital
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By Paul J. Dubow

A sophisticated investor that purchases mortgage-backed securities notwithstanding warnings that there were severe problems in the housing market cannot assert that it made the purchases in reliance on prospectus statements.

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Explained Award: Anderson v. Allegis Investment Advisors, LLC
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EXPLAINED AWARD: ANDERSON v. ALLEGIS INVESTMENT ADVISORS, LLC, AAA ID #01-16-0005-0320 (Salt Lake City, UT, 1/8/18).

This 21-page AAA Explained Award,

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Brokers’ Attorney Finds That He Still Has a Duty to a Former Client: USA v. DiScala
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By Noah D. Sorkin

An attorney who previously represented a broker in a prior proceeding with a substantial relationship to a pending criminal proceeding and who has information regarding the broker that is relevant to the criminal proceeding may not represent a co-defendant in the latter.

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Analysis of (the Few) Comments on FINRA ODR Reg Notice 17-33 on Unpaid Awards
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The comment period closed December 18th on the FINRA Office of Dispute Resolution’s (“ODR”) Regulatory Notice on expungement. All commenters generally support the proposed changes,

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Court Imposes Time Limits on SEC “Obey the Law” Injunction and a Bar Against: SEC v. Gentile
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By David C. Franceski, Jr.

SEC enforcement actions seeking only “obey the law” injunctive relief and similar prospective business conduct bars that serve no retributive or remedial purpose are penal in nature and subject to the five-year statute of limitation of 28 U.S.C.

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The Broker Protocol: Reflecting Forward with a Look-Back To Its Beginnings
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No sign of the times could more surely signal that tectonic shifts have occurred in the securities marketplace than the decisions by Morgan Stanley and UBS Financial Services (and to a lesser degree,

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