Herskovits PLLC is a small firm that provides legal counsel to participants in the financial services industry. Our practice areas include securities litigation and arbitration, securities industry regulatory defense, broker-dealer advisory services, securities industry employment litigation, and commercial litigation. Although we are a small firm, our size provides us with the flexibility to represent industry participants in a broad range of matters. Our office is located in New York City, but we can at times provide legal counsel to individuals in Billings, Missoula, Great Falls, Helena, and other parts of Montana, subject to admission pro hac vice. We are licensed to practice law in New York only and this webpage is for general informational purposes only.
Montana "Blue Sky" Laws
At the federal level, the United States Securities and Exchange Commission (SEC) oversees and regulates the securities market. It seeks to protect investors, and to accomplish this objective, the SEC requires public companies to disclose particular information to the public. At the local level, states have implemented their own securities laws, known as "Blue Sky" laws. In Montana, this law is known as the Securities Act of Montana ("Act"). The Montana Securities Department regulates securities transactions; it registers securities, investment advisory firms, and brokerage firms. It also investigates alleged violations of the Act and has authority to file administrative actions and recommend prosecution of criminal offenses.
In 2011, a Financial Industry Regulatory Authority (FINRA) arbitration panel in Billings awarded a former employee over $550,000 in compensatory damages after her employer wrongfully discharged her. [In the Matter of the FINRA Arbitration Between Ronee S. Mills, Claimant, v. Scottrade, Inc., Respondent (FINRA Arbitration 09-02988, January 5, 2011)]. Thus, because of an arbitration panel's ability to issue large awards, it is prudent to obtain the assistance of an experienced securities attorney to handle these matters.
In the above proceeding, Ms. Mills argued that she was fired in violation of Scottrade's employment agreement. The panel found in favor of Ms. Mills, indicating that Scottrade failed to conduct a thorough and unbiased investigation of the alleged complaints, and it failed to abide by the company's practice of progressive discipline when it fired Ms. Mills without a final warning. Furthermore, the panel found that the termination was based on the misconception that Ms. Mills had not complied with required administrative changes, and, moreover, the termination was not based on a legitimate reason.
Herskovits PLLC Can Help You Navigate Federal and State Securities Laws
If you are a participant in the financial services industry and are involved in a state or federal securities matter, you should obtain the assistance of an accomplished securities lawyer. We are tenacious advocates with experience before state and federal courts and regulatory bodies and in a wide range of arbitration and mediation settings.
We are a small firm, but our size allows us to provide unrivaled client service at affordable and predictable rates. Although we are located in New York, we can provide legal assistance to clients in cities nationwide. If you would like to find out more about our services or find out if we can assist you with a securities matter, please call us at 212.897.5410. You may also fill out our contact form, and we will contact you shortly.