NEWS
The latest updates from Keesal, Young & Logan.
Securities Alert: Proposed New Suitability Rule Would Remove Control Element From Churning – Quantitative Suitability Obligation – Comment Period Ends June 19, 2018
FINRA Rule 2111 requires a broker to have a reasonable basis to believe that a recommended security transaction or investment strategy is suitable for the customer. The “quantitative suitability” component of Rule 2111 (prohibiting “churning”) also requires that...
Law.com Feature by KYL’s Stacey Garrett: Are U.S. Records Retention Requirements on a Collision Course with the GDPR’s ‘Right to Erasure?’
Wondering how organizations can comply with both U.S. records retention laws and the Global Data Protection Regulation’s “right of erasure?” Keesal, Young & Logan shareholder Stacey Garrett analyzes the issue in this feature published in Cybersecurity Law &...
GDPR Day Is Here: Why U.S. Companies Should Care, and Five Tips Toward GDPR Compliance
May 25, 2018 is GDPR Day: the deadline to comply with the European Union’s sweeping privacy and data protection law, the General Data Protection Regulation. The intent of the GDPR is to protect the data privacy of individuals in the EU and to create consistent...
Lawdragon Lawyer Limelight: John Giffin
The following interview was reprinted with permission from Lawdragon.com. The “Law of the Sea” as a concept generally only comes across our bow when it has to do with international boundaries, fishing and mineral rights, and, well, maybe on International Talk like a...
Brokerage firm successfully obtained order for the appointment of a Public Guardian to protect a 91-year-old vulnerable investor and his three accounts.
Keesal, Young & Logan attorneys Steve Young and Kate Handy recently assisted a major broker-dealer in obtaining a conservatorship over three valuable accounts of a 91-year-old customer who had been diagnosed with Alzheimer’s Dementia. The broker-dealer’s internal...
Securities Alert: Two New Rules Take Effect Immediately
Two significant new rules affecting securities firms take effect immediately. First, as of Friday May 11, 2018, FinCEN’s Customer Due Diligence Requirements for Financial Institutions (“CDD Rule”) requires FINRA members to identify and verify the beneficial owners of...
Women in Banking Forum 2018 Features Presentation by KYL Shareholder Stacey Garrett
Keesal, Young & Logan Shareholder Stacey Garrett will be one of the featured speakers at the 2018 Women In Banking Forum presented by the Western Independent Bankers (WIB) Association in San Diego on May 30 and 31. Stacey's presentation is entitled “Adding Value...
Daily Journal Article ‘The Continuing Saga of PAGA’ by KYL’s Peter Boutin
Keesal, Young & Logan's Peter Boutin recently published an article in The Daily Journal covering the Private Attorneys General Act (PAGA). Please click here for a full copy of the article.
CLOC Institute 2018: KYL Invited to Participate in Panels on Cybersecurity and Workflow Automation
Keesal, Young & Logan (KYL) is an enthusiastic supporter of the Corporate Legal Operations Consortium (CLOC) movement and we are proud to be returning to the agenda at the CLOC Institute this week in Las Vegas. KYL has been an active participant in the CLOC...
Securities Alert: SEC Submits “Regulation Best Interest” for 90-Day Public Comment
On Wednesday, the SEC released its proposal for “Regulation Best Interest” which, if approved, will bring about changes to the standards governing financial services firms and professionals serving retail investors. The SEC’s goal is to provide retail investment...
KYL Handles Successful Acquisition of Historic Ocean Center Building
Keesal, Young & Logan (KYL) assisted client Pacific6 with the $18,000,000 purchase of the historic Ocean Center Building in Long Beach this month. The deal comes on the heels of a January transaction in which KYL assisted with Pacific6’s $38,000,000 acquisition...
Securities Alert: SEC Recommends Advisers Review Fee and Expense Practices for Common Errors
The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) recently published a Risk Alert highlighting common errors advisers make regarding the fees and expenses charged to clients. According to the OCIE, these errors may be violations under the...
Long Beach Prosecutor Doug Haubert to keynote NAACP Law Day event at KYL
Keesal, Young & Logan (KYL) is proud to once again partner with NAACP Long Beach Branch to present the 18th annual Law Day. KYL has sponsored the event since 2001. Law Day was created in the late 1950s by the American Bar Association to draw attention to both...
Recent result: KYL Obtains Another “Zero” Award on Behalf of a Broker-Dealer Client
KYL recently “zeroed” a former financial consultant’s claim for constructive wrongful termination and retaliation in a FINRA arbitration, and delivered a win for Edward Jones & Co., LLC. The former employee, a financial consultant, claimed that Edward Jones...
Securities Alert: Privacy And Data Protection Claims In Arbitration
Privacy and cybersecurity continue to be hot topics for financial services firms in 2018. Securities broker-dealers are already seeing investor claims alleging breach of privacy and loss of data protection rights. Traditionally, securities broker-dealers have...
Recent Result: $12 million FINRA Arbitration Claim Dismissed
Keesal, Young & Logan shareholders Terry Ross, Stacey Garrett and associate Ashley Impellitteri obtained an order dismissing a $12 million FINRA claim because it was ineligible for arbitration. After an all-day hearing, the San Diego-based arbitrators determined...
Employment Alert: U.S. Supreme Court Interprets Dodd-Frank’s “Whistleblower” Protection Narrowly
Today, the United States Supreme Court held in Digital Realty Trust Inc. v. Paul Somers that the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) provides “whistleblower” protection only to those employees who report misconduct to the...
Recent Result: KYL Successfully Defends J.P. Morgan Securities and Financial Advisor In Fraudulent Inducement Case
Keesal, Young & Logan shareholder and Erin Weesner-McKinley successfully defended J.P. Morgan Securities (JPMS) and the named Financial Advisor in a FINRA arbitration initiated by an elderly investor who claimed that he was fraudulently induced to invest in the...
Securities Alert: New FINRA Rules Create Protocols for Handling Suspected Financial Exploitation of Customers
As the average age of Americans increases, regulators and legislators continue to focus on laws designed to protect senior investors. Two recent changes to revised FINRA Rule 4512 and new Rule 2165 give member firms tools to protect seniors and other vulnerable...
Recent Result: Victory for the Respondent on a $493 Million Claim in a 37-day AAA Securities Arbitration. In Addition, Respondent Recovered $2 Million from Claimants
Keesal, Young & Logan shareholders Terry Ross, Michele Underwood and Stacey Garrett obtained a defense award in a 37-day securities arbitration conducted before the American Arbitration Association in which the claimants sought $293 million in compensatory damages...
Maritime Alert: New U.S. Ninth Circuit Decision Allows Punitive Damages for Unseaworthiness
New Ninth Circuit Court of Appeals Decision Allows Punitive Damages for Seamen’s Unseaworthiness Claims in Personal Injury Actions In Batterton v. Dutra Group, the United States Court of Appeals for the Ninth Circuit held that punitive damages are available to injured...
Recent Result: KYL prevails on Petition to Vacate Arbitration Award
KYL shareholders recently prevailed on a Petition to Vacate a sizable Arbitration Award rendered by a FINRA Panel. After the Award was issued, KYL was engaged to file the successful Petition. The Court granted the Petition because (1) the Chair failed to make required...
ILTA Peer-to-Peer: Cyber Certifications and Future-Proofing for the eDiscovery Professional
The International Legal Technology Association (ILTA) published an article by KYL eDiscovery Project Manager covering the value of cyber certifications for eDiscovery professionals and their firms. This article was first published in ILTA’s Winter 2017 issue of...
LegalCIO Forum Selects KYL CIO/CISO as Chair for Third Year
Keesal, Young & Logan’s Chief Information Officer and Chief Information Security Officer, Justin Hectus, was chosen by ALM to co-chair Legal Week’s LegalCIO conference (January 31 - February 1, 2018) for the third year in a row. The forum, which is being held in...