Herskovits PLLC is a boutique firm that provides legal assistance to individuals in the financial services industry. We have experience arbitrating securities matters and litigating these issues before regulatory bodies and state and federal courts. Although we are a small firm, our size allows us to provide unprecedented client service. Our office is located in New York City, but we can at times provide legal counsel to individuals in Camden, Trenton, and Newark, as well as additional locations in New Jersey, 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.
New Jersey "Blue Sky" Laws
The United States Securities and Exchange Commission (SEC) has enacted rules and regulations to govern the United States securities industry. It seeks to protect investors and maintain efficient securities markets by ensuring a steady flow of complete and accurate financial information. Although the SEC regulates and enforces these laws at the federal level, every state has enacted its own laws, known as "Blue Sky" laws. In New Jersey, this law is known as the New Jersey Uniform Securities law.
The New Jersey Bureau of Securities (the “Bureau”) is the securities regulatory agency and administers the New Jersey Uniform Securities Law. The Bureau also regulates broker-dealers, stockbrokers, mutual funds, investment advisors, and unit investment trusts, in addition to securities registrations and exemptions.
A disagreement between investment manager Merrill Lynch & Co., Inc. and a former employee demonstrates the high stakes involved in Financial Industry Regulatory Authority (FINRA) arbitrations, and thus, the importance of an experienced securities attorney. Here, a FINRA arbitration panel in Newark found Merrill Lynch liable for $3.6 million in compensatory damages and $276,000 in interest. [In the Matter of the FINRA Arbitration Between Mark R. Patterson, Claimant, v. Merrill Lynch & Co., Inc., and Merrill Lynch, Pierce, Fenner & Smith, Inc., Respondents (FINRA Arbitration 09-01920, July 2, 2010)].
Merrill Lynch was found liable for breach of contract and breach of the covenant of good faith and fair dealing. Although the arbitrators did not give specific reasons for the award, there was arguably disagreement over the amount due to the former real estate broker upon his departure from Merrill Lynch. The employee had worked for a competitor, Smith Barney, prior to joining Merrill Lynch, and remained with the latter company for five years.
Herskovits PLLC Can Help You Navigate Federal and State Securities Laws
If you are a registered representative, broker-dealer, or another industry participant and you are involved in a securities dispute, you should obtain the assistance of an accomplished securities attorney. At Herskovits PLLC, we have the knowledge and skill to handle your case—our principal attorney has participated in approximately 200 FINRA arbitrations and has had an impressive record of success. Moreover, our size enables us to provide unmatched client service and avoid the conflicts of interest faced by large firms.
Although we are located in New York, we can provide assistance to clients throughout the country. If you would like to obtain assistance with a federal or state securities issue, please give us a call at 212.897.5410. You can also contact us here. We will respond to your inquiry as quickly as possible.