Eversheds Sutherland 11th Circuit Business Blog
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Court Upholds Injunction Against FINRA Arbitration of Claims Against Member’s Affiliate

The Eleventh Circuit recently upheld a permanent injunction against arbitration of claims by investors against a FINRA member and its overseas affiliates on the basis that the arbitration did not concern the affiliates’ relevant business activities.  Pictet Overseas, Inc. v. Helvetia Trust, 2018 WL 4560685 (11th Cir. Sept. 24th, 2018). In Pictet, two trusts had opened custodial...

A Private Plaintiff Cannot Sue FINRA for a Violation of Its Own Rules

In Turbeville v. FINRA, 2017 WL 4938821 (11th Cir. Nov. 1, 2017), a panel of the Eleventh Circuit held that a former registered representative’s purported state-law claims against FINRA were properly dismissed because there exists no private right of action against FINRA, a self-regulatory organization (“SRO”), for alleged violations of its own rules. In 2009, FINRA filed an...