Financial Services Litigation
From financial service providers to institutional and individual customers, we represent the full spectrum of clients in financial services litigation. Tonkon Torp’s financial services litigation experience covers a broad range of disputes, including:
- Broker-dealer arbitrations
- Investment adviser disputes
- Claims arising from transactions undertaken by investment funds
- Enforcement efforts by both governmental and non-governmental regulators
Our representative matters include:
- Representing a local investment management firm in a dispute with a Los Angeles-based finance company concerning a structured finance transaction. The opponent sought more than $20 million in compensatory damages plus additional punitive damages, alleging fraud and breach of contract. We not only successfully defended against those claims, but won more than $1.8 million for our client for related counterclaims.
- Defending in arbitration a local, family-owned securities brokerage against claims of unauthorized and unsuitable trading.
- Resolving a FINRA-initiated complaint against a local broker-dealer accused of violating rules regarding publication of research reports and trading during blackout periods.
- Resolving state regulators' claims of violations against managers of an investment fund related to exemptions from registration and investor accreditation.
- Pursuing claims for churning, unsuitability, and failure to supervise against a national brokerage firm.
- Defending investigations and responding to subpoenas from regulatory agencies and third-parties, including on behalf of individual directors and executives, as well as financial services firms.
Attorneys
Confidential
(Multnomah County Circuit Court) – Successfully represented local investment management firm in dispute with a Los Angeles based finance company concerning a structured finance transaction. The opponent sought more than $20 million in compensatory damages plus additional punitive damages, alleging fraud and breach of contract. Successfully prosecuted Client's damages claims for more than $1.8 million for breach of contract and non-payment of note obligations.
Confidential
(NASDR Arbitration) – Achieved a favorable result in arbitration in the defense of a local, family-owned securities brokerage against claims of unauthorized and unsuitable trading.
PEBB v. OHSU
Successfully pursued Oregon Health & Science University’s right to recover a proportionate share of approximately $25 million, including interest, received by the state from the 1999 demutualization of Standard Insurance Company. (Marion County Circuit Court/Oregon Court of Appeals)
4.3.2018
Elder Abuse Prevention and Prosecution Act
We previously talked about recent changes to Oregon law and FINRA rules relating to elder abuse prevention and the prosecution of financial services companies for noncompliance. This article focuses on The Elder Abuse Prevention and Prosecution Act…
2.23.2018
Vulnerable Person Abuse Protections Coming to FINRA in 2018
Similar to the Oregon legislature's recent changes to ORS Chapter 59, intended to protect "vulnerable persons" against financial exploitation, FINRA has implemented changes to its rules effective February 5, 2018, intended to protect "specified adult…
2.7.2018
SEC's Office of Compliance Inspections and Examinations Priorities for 2018
On February 7, 2018, the Security and Exchange Commission's Office of Compliance Inspections and Examinations announced its 2018 examination priorities. For 2018, OCIE's priorities fit into five broad categories.
1.9.2018
New “Financial Abuse” Mandatory Reporting Requirements for Oregon Investment Adviser Representatives
Effective January 1, 2018, Oregon's securities regulation laws started imposing a mandatory reporting requirement in certain circumstances on "qualified individuals"—including investment adviser representatives—to protect "vulnerable persons" from…
10.4.2017
Investment Adviser Update: Revised Form ADV Began October 1st
Effective October 1, 2017, investment advisers must adhere to amended requirements regarding the investment adviser public disclosure form (Form ADV). The Securities Exchange Commission (the SEC) announced these amendments in 2016. The new Form ADV…
4.7.2017
DOL Fiduciary Rule Delayed for 60 Days
Today, April 7, 2017, the Federal Register published the U.S. Department of Labor's (DOL) final rule extending the applicability date of the ERISA Fiduciary Rule from April 10, 2017 to June 9, 2017. A copy of the final rule is available here. Other…
3.17.2017
Temporary Guidance for Fiduciary Rule Compliance
On Friday, March 10, 2017, the Department of Labor (DOL) issued a field assistance bulletin (FAB) adopting a temporary enforcement policy regarding compliance with the ERISA Fiduciary Rule. The ERISA Fiduciary Rule is set to go in effect on April 10…
2.14.2017
Fiduciary Rule's Status Uncertain
On Friday, February 3, 2017, the President signed an executive order requiring the re-examination of the final Fiduciary Rule (81 Fed. Reg. 20946 (April 8, 2016)) set to go into effect on April 10, 2017. The Fiduciary Rule, which was the subject of…
9.14.2016
DOL Major Changes to Fiduciary Investment Adviser Definition and Prohibited Transaction Exemptions - Part 3
On April 6, 2016, the U.S. Department of Labor (the "DOL") issued final regulations expanding the definition of who is a fiduciary and what constitutes fiduciary advice to ERISA-covered employee benefit plans, as well as a new fiduciary adviser…
5.9.2016
Major Changes to DOL Fiduciary Investment Adviser Definition and Prohibited Transaction Exemptions
On April 6, 2016, the U.S. Department of Labor (the "DOL") issued final regulations redefining fiduciary investment advice for ERISA-covered employee benefit plans and individual retirement accounts ("IRAs"). The final rule significantly expands the…
8.20.2020
Best Lawyers in America® Includes 49 Tonkon Torp Attorneys on 2021 List
Forty-nine Tonkon Torp lawyers representing 36 practice areas have been selected for inclusion in The Best Lawyers in America® 2021. A majority of attorneys have been named to the peer-review list in past years, and most have been recognized for more…
5.19.2020
Financial Services Attorneys Host COVID-19 Impact Webinar for Investment Advisors
Tonkon Torp Financial Services attorneys Jessica Morgan, Christopher Pallanch and Jarell Hunt hosted a webinar for investment advisors and private fund managers to explore how COVID-19 has impacted regulations, compliance requirements, examinations…
4.30.2020
Anna Sortun and Ryan Bledsoe Admitted to International Society of Barristers
Tonkon Torp litigation partners Anna Sortun and Ryan Bledsoe have been admitted as Fellows to the International Society of Barristers. The organization is an honor society that maintains a worldwide membership of less than 750 trial lawyers deemed by…
11.4.2019
Tonkon Torp Practice Areas Ranked in 2020 U.S. News "Best Law Firms" Publication
U.S. News – Best Lawyers® has released its 2020 edition of "Best Law Firms." Tonkon Torp is once again ranked among the nation's best for six business law service categories including Land Use & Zoning Law, Securities Regulation, Commercial…
8.17.2018
Best Lawyers in America® Names 51 Tonkon Torp Attorneys to 2019 List
Fifty-one Tonkon Torp lawyers representing 41 practice areas have been selected for inclusion in The Best Lawyers in America® 2019. Nearly all attorneys have been named to the list in past years, and have been recognized for more than five years
8.16.2017
Best Lawyers in America® Names 49 Tonkon Torp Attorneys to 2018 List
Forty-nine Tonkon Torp lawyers representing 39 practice areas have been selected for inclusion in The Best Lawyers in America® 2018. Nearly all attorneys have been named to the list in past years, and have been recognized for more than five years…
8.15.2016
Best Lawyers in America® Names 44 Tonkon Torp Attorneys to 2017 List
Forty-four Tonkon Torp lawyers representing 38 practice areas have been selected for inclusion in The Best Lawyers in America® 2017. Each attorney has been named to the list in past years, and nearly all have been recognized for more than five years…
12.8.2015
Tonkon Torp Announces Two New Partners
Tonkon Torp LLP has elected Blerina Kotori and Christopher Pallanch to the partnership, effective January 1, 2016. Both attorneys started their private practices as associates for the firm. Kotori began at the firm as a summer associate and was the…
11.9.2015
U.S. News Ranks Tonkon Torp Practice Areas in "Best Law Firms" Publication
The U.S. News & World Report Best Lawyers 2016 edition of Best Law Firms has been released and Tonkon Torp is again ranked among the nation’s best for Commercial Litigation, Corporate Law, Litigation – Regulatory Enforcement (SEC, Telecom, Energy…
8.29.2014
5 Tonkon Torp Attorneys Named Portland Lawyers of the Year
Best Lawyers in America 2015 has named five attorneys from Tonkon Torp LLP as 2015 Portland Lawyer of the Year in their specialties. Only a single lawyer in each specialty in each community is honored as the Lawyer of the Year by the peer review…