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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.


Sep 8, 2011
Attorneys received a trial victory in a case referred by the parties to private arbitration. The plaintiff, a former chief executive of a technology company, acquired company stock with monies borrowed from the company; the loan was secured by a...
Apr 1, 2011
Attorney obtained summary judgment on behalf of a large bank.  Summary judgment was granted in favor of the bank and against a hostile and experienced pro se litigant after protracted discovery and multiple disputes.  Plaintiff claimed that the bank...
Feb 15, 2011
Attorney successfully representing our self-insured broker dealer as well as its president, senior management and in-house attorneys in a FINRA arbitration.  Claimant in the arbitration sued all respondents alleging that they stole his book of...
Dec 6, 2010
Attorneys obtained a defense award in a FINRA Dispute Arbitration where the Claimants sought compensatory damages and the claim was litigated for six hearing sessions. Claimants alleged that Respondents made unsuitable recommendations for DBSI...
Sep 13, 2010
Attorney obtained dismissal in arbitration before the Financial Industry Regulatory Authority (FINRA) for our client, a FINRA member broker dealer. The theory of liability as to our client centered on successor in interest status related to the...
Aug 23, 2010
Attorneys obtained a dismissal with prejudice after four complaints and two motions for summary judgment in a case alleging that the insurance company and the agent employed deceptive sales techniques in an effort to sell life insurance, which they...
Jun 21, 2010
Attorney obtained a complete denial of all of the investor's claims after a three-day Financial Industry Regulatory Authority arbitration hearing. The arbitration panel specifically found that the registered representative (our client) owed no...
Jun 21, 2010
Attorney prevailed after a two-week FINRA arbitration. Although the arbitrators issued a monetary award in favor of the investor, the amount of the award was approximately 25% of the amount that the investor was seeking (not including punitive...
May 17, 2010
Attorneys successfully obtained a release of their international client's large sum of money which was previously attached and held in the court registry. The attorneys' argued for the release of the money under the Court of Appeals for the 2nd...
Apr 26, 2010
Attorney succeeded in persuading the Superior Court to affirm the dismissal of a tax dissenter's lawsuit against a bank. In response to a levy imposed by the federal Internal Revenue Service on the plaintiff's bank accounts for unpaid income taxes...



Law Alerts April 11, 2013
A Financial Industry Regulatory Authority hearing panel ruled that Charles Schwab can prohibit its customers from bringing class action lawsuits. The panel said the ban violates FINRA's rules, but that those rules conflict with the Federal..., Case Law Alerts - 2nd Quarter 2013
Law Alerts April 11, 2013
The U.S. Supreme Court rejected the SEC's argument that an agency should be entitled to the protection of the Discovery Rule in an enforcement action seeking a civil penalty for an alleged act of fraud. In Gabelli, the action had been filed..., 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: 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
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
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 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
Law Alerts July 1, 2012
An arbitration panel ordered two claimant investors to pay the broker-dealer respondent $75,000 in legal expenses. The panel called the investors’ claims “frivolous” and a “bad-faith abuse of the FINRA arbitration process...., Case Law Alert - 3rd Qtr 2012



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

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