News & Analysis as of

Seventh Amendment Jury Trial Financial Industry Regulatory Authority (FINRA)

Kohrman Jackson & Krantz LLP

Industry Pushback Against FINRA: A Growing Challenge to Its Authority

Over the last few years, broker dealers and financial advisors have filed a flurry of legal actions seeking both: (1) to strip the Financial Industry Regulatory Authority (FINRA) of its power to adjudicate customer and...more

A&O Shearman

FINRA Beats First Post-Jarkesy Challenge

A&O Shearman on

On September 4, 2024, Judge John Murphy of the U.S. District Court for the Eastern District of Pennsylvania dismissed on jurisdictional grounds the first post-Jarkesy constitutional challenge to FINRA’s disciplinary...more

Orrick, Herrington & Sutcliffe LLP

District Court dismisses FINRA challenge for lack of subject matter jurisdiction

On September 4, the U.S. District Court for the Eastern District of Pennsylvania dismissed a plaintiff’s attempt to enjoin FINRA from proceeding with a disciplinary hearing against the plaintiff. The plaintiff’s disciplinary...more

Frantz Ward LLP

First Attempt to Use the Supreme Court's Jarkesy Decision to Limit the Ability of FINRA to Assess Monetary Sanctions in...

Frantz Ward LLP on

In our post at the end of June of this year we analyzed the Supreme Court’s decision in SEC v Jarkesy, which held that the right to trial by jury in an Article III Court contained in the Seventh Amendment to the Constitution...more

Orrick, Herrington & Sutcliffe LLP

District Court hears whether FINRA’s claims must be litigated in the courts

On July 10, the U.S. District Court for the Eastern District of Pennsylvania received a complaint from a plaintiff suing FINRA for allegedly putting forth disciplinary hearings that took place “in an improper forum, before an...more

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