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Securities and Investments Professional Liability

Our Securities and Investments Professional Liability Practice Group services a broad client base, including, but not limited to:

  • Registered representatives
  • Financial planners
  • Registered Investment Advisors
  • Brokers/dealers
  • Hedge fund and mutual funds and administrators
  • Financial services outsourcing solution providers
  • Private trust companies
  • Insurance brokers/agents

 
We also handle:

  • Fiduciary liability matters
  • Corporate directors and officers
  • Employment practice liability matters

 
In addition to professional liability matters in state and federal courts, we defend RIAs, brokers and broker-dealers before self-regulatory organizations, state agencies and the SEC. We handle securities arbitration claims before FINRA, AAA and other SROs.
 
Founded in 1962, Marshall Dennehey Warner Coleman & Goggin is one of the largest law firms in the country devoted exclusively to civil defense litigation. We have 500 attorneys in twenty offices strategically located in Philadelphia, Pittsburgh, Tampa, Orlando, Jacksonville, Ft. Lauderdale and communities throughout Pennsylvania, New Jersey, Delaware, Ohio, Florida and New York.

Clients realize a number of benefits from our extensive network of offices: travel time is sharply reduced and the attorneys working out of these offices and living in these respective areas are intimately familiar with the local practice and enjoy a good rapport with the judges before whom they frequently appear.
 
Recognizing the need for a cost-effective approach to the defense of professionals and organizations, we are dedicated to providing our clients with quality, timely and economical service. We are on the cutting-edge in developing innovative and alternative billing practices.
 
We welcome the opportunity to work with you in handling your securities matters. We are also available to conduct presentations, as well as training or compliance seminars at your location or at one of our offices.

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Apr 11, 2019
We obtained a defense verdict in a binding FINRA arbitration in Boca Raton, Florida. ​Our broker-dealer client was sued in arbitration by two retired broker claimants who sought $5 million in past and future benefits, under a retirement program that...
Aug 24, 2018
We represented a compliance officer for a broker dealer and FINRA arbitrator in a case where he was sued in FINRA arbitration. The claims against our client included breach of fiduciary duty, fraud, wire fraud and misrepresentation, among others....
May 11, 2018
We obtained a defense verdict after a four-day jury trial in northeastern Pennsylvania on behalf of a registered investment advisor and a securities broker dealer who were sued by their former client for investment losses. The plaintiff was a...
Aug 30, 2017
Received a defense decision in a Financial Industry Regulatory Authority (FINRA) binding arbitration proceeding conducted in Pittsburgh. ​The 78-year-old investor sued her financial advisor for breach of contract and breach of fiduciary duty,...
Aug 25, 2016
Obtained a denial of the vast majority of a request for a permanent injunction. The claims arose when our client, a registered representative associated with a national broker-dealer, resigned from her prior broker-dealer and began to solicit...
Aug 25, 2016
Obtained a favorable arbitration award from a FINRA panel directing expungement of a customer complaint from the client's Central Registration Depository (CRD) records. Recent FINRA guidance has stated that expungement of a customer complaint...
Apr 21, 2016
Obtained a dismissal on a directed verdict in a FINRA arbitration in New York. The defense represented a broker-dealer in a dispute with its former customer regarding the unauthorized use of her account information. The claimant was a customer of...
Sep 21, 2015
Successfully represented an investment professional before the Financial Industry Regulatory Authority (FINRA). In a matter venued in Chicago, the defense succeeded on a motion to dismiss based upon FINRA's six-year eligibility rule. ...
Jun 8, 2015
Obtained a directed verdict on behalf of a broker-dealer and a broker in a FINRA arbitration in New York. The claimant, a sophisticated and wealthy owner of a broker-dealer, alleged that he was being charged an unreasonable mark-up on municipal bond...
May 16, 2013
We obtained a defense verdict in a binding non-appealable FINRA. The claimant alleged the variable annuity recommended for his IRA was unsuitable and that he lost profits of $672,000. However, the Panel agreed with our agrument that the variable...

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Law Alerts April 11, 2013
A non-lawyer's representation of a party to a securities arbitration proceeding in Illinois constitutes the unauthorized practice of law. In this matter, the issue was brought to the attention of the Illinois State Bar Association by the FINRA..., Case Law Alerts - 2nd Quarter 2013
Law Alerts April 11, 2013
The respondents were represented by Denis Dice and Joel Wertman of Marshall Dennehey Warner Coleman & Goggin in a claim where the claimant sought damages for an alleged unsuitable recommendation of a variable annuity for the claimant's IRA..., Case Law Alerts - 2nd Quarter 2013
Defense Digest Article March 1, 2013
By Denis C. Dice, Esq.* Key Points: FINRA defines customers as those who have an account or purchase securities through the broker-dealer. New guidance may allow broker-dealers to litigate certain selling away claims in court...., Defense Digest, Vol. 19, No. 1, March 2013
Law Alerts January 11, 2013
The plaintiffs filed a FINRA arbitration against a broker dealer and its registered representative while filing a contemporaneous New Jersey state court action against an accounting firm. Both actions stemmed from the alleged recommendation to..., Case Law Alert - 1st Quarter 2013
Defense Digest Article December 1, 2012
Key Points: Complex investment products have grown in importance as retail customers search for yield and broker-dealer firms look for innovative products to meet this demand and generate revenue...., Defense Digest, Vol. 18, No. 4, December 2012
Defense Digest Article September 1, 2012
Key Points: FINRA adopted a new suitability standard effective July 9, 2012. The new rule includes expanded guidance with respect to reasonable basis, recommended transactions or investment strategies and the customer's investment..., Defense Digest, Vol. 18, No. 3, September 2012
Defense Digest Article September 1, 2012
Key Points: Non-parties to an arbitration agreement may force a party to arbitrate claims. Equitable estoppel prevents a party from avoiding an arbitration clause. A principal may rely on the agent's arbitration agreement to compel..., Defense Digest, Vol. 18. No. 3, September 2012
Law Alerts July 6, 2012
The Third Circuit found the arbitration agreement to be ambiguous as to whether the designated National Arbitration Forum (NAF) was intended to be the exclusive forum for resolving disputes and was, thus, an integral part of that agreement. The..., Case Law Alert - 3rd Qtr 2012
Law Alerts July 1, 2012
The plaintiff Schwab sought a declaratory judgment that the defendant Financial Industry Regulatory Authority (FINRA) may not enforce FINRA rules regulating broker-dealers to bar a new provision in the plaintiff's customer account agreements..., Case Law Alert - 3rd Qtr 2012
Law Alerts July 1, 2012
The petitioner sought review of an order of the Securities & Exchange Commission (SEC) affirming the sanctions imposed by FINRA which subjected the petitioner to statutory disqualification for failing to disclose that certain tax liens had been..., Case Law Alert - 3rd Qtr 2012

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September 5, 2019
Samuel E. Cohen, shareholder in the Professional Liability Department at Marshall Dennehey Warner Coleman & Goggin, has been appointed to serve on the Special Olympics PA-Philadelphia Executive Advisory Board for a three-year term. The Executive Advisory Board assists the Special Olympics...
June 16, 2016
Andrew W. Davitt, chair of the Securities and Investments Practice Group in the Philadelphia office of Marshall Dennehey Warner Coleman & Goggin, was a featured speaker at the 10th Annual Errors & Omissions Insurance ExecuSummit, held June 7 – 8 in Uncasville, CT. Mr. Davitt and fellow...
May 5, 2014
Veteran litigator Terrance A. Bostic has joined Marshall Dennehey Warner Coleman & Goggin as Senior Counsel in the firm's Tampa office. A member of the Professional Liability Department, he focuses his practice on securities litigation, white collar criminal defense and commercial litigation...
Conference Jun 17, 2014
David Shannon will discuss E & O Cyber Liability at the 8th Annual E & O Insurance ExecuSummit, to be held June 17 - 18 in Uncasville, CT. Additionally, Jeffrey Chomko will participate on a panel discussing Insurance Agents & Brokers E...

Chair

Andrew W. Davitt
Chair, Securities & Investments Professional Liability Practice
(215) 575-2679
awdavitt@mdwcg.com

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