Author Archives: Julie Firestone

About Julie Firestone

Julie Firestone is a member of Briggs and Morgan's Business Litigation Section and the Financial Markets Group. Julie practices primarily in the following areas: complex commercial disputes and class actions; securities litigation and arbitration; SEC and FINRA regulatory investigation and enforcement; and shareholder and partnership disputes. Julie represents corporations, investment firms, broker-dealers, insurance companies, issuers of securities, registered representatives and insurance agents in class actions, regulatory proceedings and other adversary matters. She also focuses on customer complaints and regulatory compliance, as well as customer disputes in arbitration. Julie’s legal experience includes matters involving securities fraud, breach of contract, common law fraud, RICO, breach of fiduciary duty, suitability, selling away and unauthorized trading.

Supreme Court Limits SEC’s Disgorgement Power

On June 5, 2017, the United States Supreme Court unanimously held in Kokesh v. Securities and Exchange Commission, No. 16-529, that “any claim for disgorgement in an SEC enforcement action must be commenced within five years of the date the … Continue reading

Posted in Uncategorized

Acosta and New DOL FAQs Confirm: Fiduciary Standard Will Take Effect June 9, But Expect Changes to the DOL Rule Before January 1, 2018

On May 22, 2017, new DOL Secretary Alexander Acosta published an Op-Ed piece in the Wall Street Journal (found here; a subscription to the Journal is required to access the piece), confirming that, as we previously suspected, the DOL will … Continue reading

Posted in Administration, Department of Labor (DOL), Fiduciary Duty Rule, Retirement Planning, Uncategorized | Tagged , , , , ,

SEC Chair and DOL Secretary Both Confirmed: Who Will Take Lead on Fiduciary Duty Rule?

On April 27, 2017, the Senate confirmed Alexander Acosta as the new Secretary of Labor, and on May 2nd, the Senate confirmed Jay Clayton as SEC Chairman. With Trump’s nominees for the respective positions now in place, some insiders expect … Continue reading

Posted in Department of Labor (DOL), Fiduciary Duty Rule, SEC, Uncategorized | 1 Comment

DOL Issues Rule Delaying Applicability Date of Fiduciary Duty Rule for 60 Days, Until June 9, 2017

On Friday, April 7, 2017, the DOL published its final rule delaying the applicability date of the Fiduciary Duty Rule for 60 days, from April 10, 2017 until June 9, 2017. The full text of the final rule (the Delay … Continue reading

Posted in Uncategorized | 2 Comments

The Briggs Forum on Financial Markets: Securities, Insurance, Litigation and Regulation is Thursday, April 20

The Briggs Forum on Financial Markets: Securities, Insurance, Litigation and Regulation (formerly known as the Upper Midwest Securities Litigation and Enforcement Forum) is Thursday, April 20 at Windows on Minnesota, on the 50th floor of the IDS Center. Our exceptional … Continue reading

Posted in Cybersecurity and Data Privacy, Department of Labor (DOL), Fiduciary Duty Rule, FINRA, Insurance, Litigation, Retirement Planning, SEC, Securities Litigation, Uncategorized | Tagged , ,

Are You Ready to Comply With the DOL Fiduciary Duty Rule If It Goes Into Effect on April 10? (Part II: The BICE)

We are now five weeks from the still-current April 10 implementation date of United States Department of Labor’s (DOL) Fiduciary Duty Rule. Yes, a delay still seems very likely. On March 1, the DOL issued a proposed rule that would … Continue reading

Posted in Administration, Department of Labor (DOL), Fiduciary Duty Rule, Uncategorized | Tagged , , , , | 1 Comment

Are You Ready to Comply With the DOL Fiduciary Duty Rule If It Goes Into Effect on April 10?

We are now six weeks from the April 10 implementation date of DOL’s Fiduciary Duty Rule. While the DOL has filed a proposal to delay the implementation date with the Office of Management and Budget (OMB), and while the industry … Continue reading

Posted in Department of Labor (DOL), Uncategorized | Tagged , , | 2 Comments