Oct 20, 2023
Wisconsin Senate Bill 531, introduced this week, amends current legislation to prohibit caller identification (ID) spoofing.
Aug 18, 2023
The U.S. Securities & Exchange Commission failed to provide any regulatory clarity last week when it declined the Second Circuit Court of Appeals’ invitation to file an amicus brief as to whether a $1.8 billion syndicated loan is a security. In Kirschner v. JPMorgan Chase, N.A., 2020 WL 2614765, Blue Sky L. Rep. P 75,291 (S.D.N.Y., May 22, 2020), the federal district court for the southern district of New York held that this syndicated loan was not a security after applying the “family resemblance test” set forth in Reves v. Ernst & Young, 494 U.S. 56 (1990). Now on appeal, it is incumbent on the Second Circuit to make a decision that has wide-ranging implications on the $2.5 trillion U.S. syndicated loan market.
Aug 04, 2023
In a highly anticipated ruling that may have wide-ranging implications, a federal district court for the southern district of New York simultaneously held on July 13, 2023 that cryptocurrency XRP, the digital token developed and issued by Ripple Labs, was a security in Ripple Lab’s sales to institutional investors and not a security in sales to retail investors on crypto exchanges.
Jun 30, 2023
The Model State Commodity Code (the “Model Code”) was adopted by the NASAA in 1985 as a model law to be adopted by the states to address the fraudulent sale of commodities to the general public. The Model Code has been adopted in one form or another by 18 states, which will be addressed in this memorandum. The Uniform Securities Act (the “Uniform Act”) or other state securities laws of 6 additional states draw on the Model Code and include “commodity” within the definition of securities or address some form of commodity regulation, which will also be addressed in this memorandum.
Feb 01, 2023
For years now, a nagging question has been whether precious metals retailers that offer buybacks must register as pawnbrokers.
Jan 20, 2023
The Enforcement Section of the Missouri Secretary of State Securities Division (the “Enforcement Section”) brought 35 administrative enforcement actions between 2020 and 2021.
Jan 18, 2023
Much has been written about the FTC’s January 5th proposed rule regarding non-compete clauses. The overview of the rule states that “about one in five Americans- approximately 30 million people- are bound by a non-compete clause and are thus restricted from pursuing employment opportunities”.
Nov 11, 2022
U.S. District Court Voids 1-year Contractual Limitations Period in J.M. Bullion’s Customer Agreement
In SUK v. JM Bullion, Inc., Case No. 3:22-cv-01085-SB, 2022 WL 10015691 (D. Oregon Oct. 17, 2022), the U.S. District Court for the District of Oregon voided the one-year limitations period for bringing claims in JM Bullion’s terms and conditions and imposed a four-year statute of limitations.
Oct 03, 2022
An industry member was recently hit with a $900,000 arbitration award. The arbitration was handled by the American Arbitration Association.
Sep 27, 2022
The North American Securities Administrators Association (NASAA) recently released its 2022 Enforcement Report. The report contained a section on elements of the precious metals industry.
Sep 27, 2022
Goldline, Inc. recently entered into a settlement with the CFTC. The settlement was reduced to an Order. Here are some key takeaways from that Order.
Sep 22, 2022
Under Missouri law, “[t]here are at least four valid and conflicting concerns at issue in the law of non-compete agreements.
Sep 20, 2022
The recent Missouri case of Wind v. McClure is literally spectacular. The issue in the case was the enforceability of an arbitration provision in an Asset Purchase Agreement.
Jun 28, 2022
ARE YOU A FINANCIAL ADVISOR WITH A WRONGFUL TERMINATION OR DEFAMATION CLAIM? Advisors terminated by their broker-dealer should immediately retain experienced legal counsel.
Jun 02, 2022
This is a stunning development for the SEC because the case finally recognizes that the SEC should not be acting as both prosecutor and jury in securities fraud cases nor require respondents to exhaust their administrative remedies before having their day in court.
Jun 01, 2022
April 26, 2022, brought us two new arbitration rulings to sink our teeth into. One ruling was issued by the Supreme Court and the other by the Court of Appeals.
Feb 22, 2022
In FTC v. RCG Advances LLC, the FTC settled allegations against the business and its principals for violations of Section 521(a) of the Gramm-Leach-Bliley Act.
Feb 18, 2022
On February 10, 2022, the Missouri One-Hundred First General Assembly introduced 2022 Missouri House Bill No. 2672 titled “Changes the law regarding virtual currencies.”
Nov 08, 2021
In Boyd v. Kingdom Trust Company, et al., two Ohio residents opened self-directed IRA accounts to invest in promissory notes as alternative investments. As practice dictates, the promissory notes were purchased by the self-directed IRA custodians for the benefit of the Ohio residents and the physical promissory notes held by the custodians in the self-directed IRA accounts
Oct 14, 2021
On October 5, 2021, Securities and Exchange Commission Chairman Gary Gensler addressed the House Financial Services Committee regarding the agency’s role in regulating the cryptocurrency markets.
Sep 27, 2021
The organization of North American securities regulators recently had their annual conference. The organization is known as NASAA.
Jun 30, 2021
It is fair to say that the courts favor arbitration agreements and therefore tend to enforce them. Such was not the case in this matter.
Mar 25, 2021
The Court's opinion is a clever essay on the critical distinction between personal defamation and product defamation by a competitor.
Feb 02, 2021
Late last year, the Louisiana Court of Appeals upheld a trial court’s decision granting an injunction in favor of an employer against some of its former employees.
Jan 21, 2021
On January 18th, a few days before Biden was sworn in as President, he announced his nomination for the new Securities and Exchange Commission (“SEC”) chairman. President Joseph Biden named Gary Gensler as his pick for SEC chairman.
Jan 14, 2021
A plaintiff in Texas lost almost $2million in an appeal before the Texas Supreme Court last year. Why? The initially victorious plaintiff insisted on submitting a defamation claim rather than its business disparagement claim to the jury. The case is Innovative Block of South Texas, LTD. V. Valley Builders Supply, INC., 603 S.W. 3d 409 (Tex. Sup. Ct. 2020).
Sep 16, 2020
The North American Securities Administration Association (“NASAA”) recently adopted a model act for state legislators to consider for enactment.
Sep 15, 2020
On September 10, 2020, the Director of Enforcement for the CFTC issued guidance to the CFTC staff regarding the evaluation of compliance programs in connection with its enforcement actions.
Aug 27, 2020
SEC Publishes Final Rule that Expands the Definition of ‘Accredited Investor’ for Private Placements
On August 26, 2020, the U.S. Securities and Exchange Commission (the “SEC”) published its Final Rule that amends the definition of “Accredited Investor” (for private placements pursuant to Regulation D).
Aug 10, 2020
A Texas Court of Appeals affirmed a lower court’s award of summary judgement in favor of a defendant law firm. In sum, both courts concluded that the plaintiffs’ expert’s affidavit opining upon the existence of legal malpractice was too conclusory and lacked sufficient support.
Jul 31, 2020
A Texas appeals court recently upheld a multi-million jury verdict in favor of a child born with cerebral palsy. The child’s suit alleged that the nurses failed to alert a doctor about signs that the child was in fetal distress.
Jul 24, 2020
According to the public record available on the internet for Moloney Securities, the small broker-dealer has had seven regulatory events, including a FINRA censure and fines and an SEC cease and desist order going back to 2000.
Jul 17, 2020
The Commodity Futures Trading Commission is suing the now defunct Alista Group, LLC in Florida Federal Court. Alista operated in 2016 and 2017, collecting nearly $900,000 from investors to invest in leveraged precious metals.
Jul 14, 2020
The first half of the year generated some interesting legal malpractice opinions from courts across the nation.
Jul 13, 2020
Once you leave an employer, are you able to collect the commissions owed that you earned during the time you were employed, or are they forfeited?
Jul 02, 2020
Following the recent Court’s ruling in Liu v. Securities and Exchange Commission one thing is certain: the SEC can continue to seek disgorgement as an equitable remedy.
Jun 02, 2020
Missouri has a statute that allows a beneficiary to obtain a Court ruling as to whether or not an intended challenge violates a trust’s no-contest clause.
Apr 10, 2020
In the summer of 2019, the U.S. Securities and Exchange Commission (“SEC”) brought various claims against investment adviser Don LaGuardia, Jr.
Mar 24, 2020
The advent of the novel Coronavirus has distressed commerce and led to steep declines across most asset classes.
Mar 23, 2020
The impact of the novel coronavirus will continue to have broad negative impacts on our commerce.
Mar 21, 2020
Since Coronavirus (COVID-19) hit headlines in early January 2020, the United States response to the virus, which began as dismissive, has become serious in short order causing major uncertainty for business, labor, and consumers.
Mar 11, 2020
We often deal with non-compete provisions in employment contracts. But the same contracts frequently include trade secret and return of property provisions.
Feb 20, 2020
The determination of whether a statement is capable of a defamatory construction is a question of law.
Feb 06, 2020
Missouri is one of the many states that follows the Uniform Trade Secrets Act, which the Missouri legislature adopted in 1995, and which provides generally that misappropriation of trade secretes may occur in any of three forms: improper acquisition, disclosure or use.
Oct 01, 2019
When an attorney deviates from the applicable standard of care and causes damage by doing so, malpractice litigation may be warranted.
Sep 06, 2019
While it might give one a sense of satisfaction, overt retaliation in the business world will often come with a price tag.
Aug 16, 2019
Cosgrove Law Group recently teamed up with another law firm to garner a multi-million-dollar settlement for the parents of a young boy that suffered a serious life-threatening birth injury as a result of negligence leading to hypotic ischemic encephalopathy (HIE).
Feb 25, 2019
Judge Gary Fenner of the United States District Court recently granted summary judgment to insurance company Liberty Insurance Underwriters. The case against the company was brought by a sheet metal company’s former President and Executive Vice-President.
Jan 28, 2019
Law Firm Escapes Liability in Texas Legal Malpractice Action. Last year the Texas Court of Appeals affirmed a trial court’s granting of summary judgment in favor of two law firms and three attorneys.
Jan 17, 2019
My Former colleague, appellate judge Karen King Mitchell, issued an extremely detailed 30-page opinion last fall in the case of Tubbs, et al. v. BNSF Railway Company, WD 80749 (Mo. App. September 4, 2018). One of the two issues Judge Mitchell addresses is whether or not the plaintiffs could hold on to the jury’s $1,231,000 punitive damages award for the defendant’s negligence.
Dec 30, 2018
Anticipating Litigation? Make sure to Save Your Text Messages!
Dec 11, 2018
I recently had a client who contacted me just before he signed a severance agreement.
Nov 29, 2018
A citizen of St. Louis County will have her case against Charter Communications and its former employee heard by a jury in February.
Nov 06, 2018
Financial Adviser Terminations. It’s what we do here at Cosgrove Law Group, LLC.
Oct 22, 2018
On October 9, 2018, Senior Circuit Judge Richard G. Callahan ordered, adjudged and decreed in Priorities USA, et al. v. State of Missouri, et al., Case No. 18C-CC00226, Cole County Circuit Court, Missouri, that the State of Missouri is permanently enjoined from disseminating materials to the effect that a photo identification is required to vote.
Oct 09, 2018
If you work in Missouri and you want to sue your company for employer discrimination, you must first file a “Charge of Discrimination” affidavit with either the Missouri Commission on Human Rights (MCHR) or the U.S. Equal Employment Opportunity Commission (EEOC). Both administrative agencies cooperate with one another in the investigation of employer discrimination claims in Missouri.
Sep 26, 2018
Recovering Punitive Damages in the Underlying Matter in Legal Malpractice Cases: There are two distinct crossroads between legal practice claims and the issue of punitive damages.
Jul 30, 2018
If you have been injured by, or worse yet lost a loved one to a defective product purchased on Amazon.com, the web-based company is not liable. At least so says a federal district judge in Nashville.
Jun 07, 2018
A transaction will be considered an investment contract (and therefore subject to securities registration requirements) if it is (1) an investment of money in (2) a common enterprise with (3) an expectation of profits from the investment (4) due to the efforts of a promoter or a third party.
Jun 05, 2018
The rules and regulations regarding cryptocurrency are still in a state of uncertainty.
May 18, 2018
Missouri Securities Division Bars Two Former Owners of Local Broker-Dealer
May 09, 2018
If you receive a letter demanding information and documentation from a state securities division, I hope you find this blog before you rifle off a response.
Mar 22, 2018
Merrill Lynch settled SEC claims for $415 million back in 2016.
Mar 21, 2018
Cosgrove Law Group, LLC is an advocate for people who have been victims of product failure.
Mar 05, 2018
St. Louis University and one of its doctors lost their appeal of a jury verdict that totaled almost $17,000,000. The overwhelming percentage of that sum was made up of punitive damages.
Feb 02, 2018
Not every claim, even if it leads to a covered action, satisfies the standards set forth by the Dodd-Frank Act.
Jan 11, 2018
The Court’s guidance is noteworthy as non-compete agreements are ever-more ubiquitous throughout a whole range of commercial settings.
Dec 27, 2017
Attorney-client privilege is one of the most basic and most important aspects of the attorney-client relationship. Without this foundation stone of the attorney-client relationship, the whole process would break down.
Dec 22, 2017
If you’ve invested your money or a client’s money in promissory notes sponsored by Woodbridge Wealth, you should hire an attorney.
Mar 26, 2017
Kokesh v. SEC: Implications for the Statute of Limitations for Missouri Securities Enforcement Actions
Kokesh v. SEC, Docket No. 16-529 (oral argument date April 18, 2017) – Implications for the Statute of Limitations for Missouri State Securities Enforcement Actions. By John R. Phillips, Counsel for Cosgrove Law Group, LLC and former Director of Enforcement for the Missouri Securities Division, Office of the Secretary of State.
Oct 18, 2016
Embezzlement can be found at the root of both criminal and civil litigation.
Jul 12, 2016
Employment contracts contain some type of non-compete and/or non-solicitation agreement that places restrictions on the employee after leaving employment.
Jun 14, 2016
Generally, an employer may discharge an employee for any reason or no reason at all so long as doing so does not run afoul of various anti-discrimination laws.
May 17, 2016
The U.S. Court of Appeals for the Eighth Circuit rejected the appeals of two former Los Angeles County Sheriff’s deputies.
Apr 18, 2016
James Moscow was born at Langley Air Force Base. Both of his parents were serving on active duty at the time of his birth.
Apr 15, 2016
Class action investors recently won a partial victory against Dolan Company in the 8th Circuit Court of Appeals.
Apr 15, 2016
After much nail-biting by many in the industry, the Department of Labor (DOL) recently released its anticipated and long-awaited final fiduciary rule.
Apr 07, 2016
In M.J. v. Wisan, 2016 WL 1165669, the Utah Supreme Court recently held that a trust could be held liable for the tortious conduct of Warren Jeffs.
Mar 22, 2016
Deadlines and the failure to meet them are at the heart of a substantial portion of malpractice claims against lawyers.
Mar 04, 2016
Medical malpractice cases based upon labor and delivery events are a world unto themselves.
Feb 29, 2016
A primary focus of estate planning is passing one’s assets to his or her descendants.
Feb 17, 2016
We tend to let our guards down once we nestle in to a hotel or resort. We frequently try new adventures.
Feb 16, 2016
As Missouri’s population ages, financial abuse of the elderly and disabled has become an increasing concern.
Feb 15, 2016
In a case involving a plaintiff who is not a public figure, a prima facie case of defamation requires proof of four distinct elements.
Feb 02, 2016
Arbitration clauses have become increasingly prevalent in consumer contracts.
Jan 18, 2016
Recently, the SEC announced a whistleblower award of at least $325,000 to a former employee of an investment firm.
Jan 05, 2016
Ex-broker Jose Alejandro Hurtado was sentenced to three years in prison for his role in a $60 million bribery scheme after pleading guilty in 2013.
Dec 04, 2015
In DeLaRosa v. Farmers State Bank, 2015 WL 6917407, the Missouri Court of Appeals recently held a bank liable for the misappropriation of funds from an estate.
Nov 24, 2015
An attorney argued to the Delaware Supreme Court that the activities of corporate directors could not be monitored by bankers giving investment advice.
Nov 06, 2015
In establishing trusts, trust creators commonly appoint more than one trustee - frequently an individual trustee and an institutional trustee.
Nov 04, 2015
The power of the False Claims Act (FCA) has been on full display, as of late.
Oct 26, 2015
It isn’t pleasant or easy to bring a professional liability claim against a fellow attorney.
Oct 19, 2015
First, a statement of the obvious: State and federal governmental agencies do not confine their enforcement efforts to domestic entities.
Sep 30, 2015
A fundamental duty of any trustee is to ensure that beneficiaries are kept apprised of the status of the trust and its administration.
Sep 23, 2015
Trustees who faithfully and properly perform their duties are entitled to compensation.
Sep 18, 2015
On September 9, 2015, Deputy Atty General Sally Quillian Yates drafted a Memorandum directed to nine high ranking officials with the Department of Justice.
Aug 31, 2015
On July 2, 2015, the Fifth Circuit of the United States Court of Appeals struck a blow against overzealous government prosecutions.
Aug 30, 2015
In a surprisingly unanimous decision, the Third Circuit held that the FTC could move forward on a deceptive practices claim against Wydham Worldwide Corp.
Jul 13, 2015
Disputes between or among corporate officers, directors and shareholders of closely-held businesses are all too common.
May 15, 2015
“Do cops lie?” was a question I heard frequently during my days as a prosecutor in the City of St. Louis.
May 11, 2015
A plaintiff’s attorney who works on a contingent matter on behalf a law firm shouldn’t expect to receive a portion of case fees after they leave the firm.
Apr 20, 2015
Trusts often contain provisions that seek to limit the trustee’s liability for violations of his or her duties.
Mar 31, 2015
Many drivers may be unaware that the ability to recover for a traffic accident caused by someone else does not begin and end with the insurance coverage of the party at fault.
Mar 25, 2015
Both the plaintiff and the defendants took a trial court’s key pre-trial rulings to the Michigan Court of Appeals.
Mar 23, 2015
With the Baby Boom generation reaching mature adulthood, more assets are being held in trusts than ever before.
Feb 22, 2015
It is well known that most states recognize “at will employment.”
Jan 26, 2015
Winston Churchill supposedly once uttered that a lie gets halfway around the world before the truth has a chance to get its pants on.
Dec 02, 2014
At first blush, the prospect of recovering punitive damages in a Maryland defamation claim can seem daunting, at best.
Dec 01, 2014
Late last month, the Michigan Court of Appeals affirmed, in part, a set-off reduced verdict of over $1.3 million against an insurance company.
Nov 11, 2014
For many of us, being asked to sign contracts and other documents is something we encounter more frequently that we would prefer.
Sep 19, 2014
A real estate agent has a duty to communicate accurate information. See Zimmerman, 156 Ill. App. 3d at 162.
Sep 12, 2014
The 8th Circuit Court of Appeals ruled that the tolling provision in a state Tort Claims Act would not apply in order to save a claim from the statute of limitations for state personal injury claims.
Jul 29, 2014
According to a variety of authorities, the fiduciary duty for registered investment advisers and their representatives includes a subset of responsibilities.
Jul 24, 2014
Broker-Dealer agents and Investment Adviser Representatives frequently sign a host of legal documents when they join up with a B/D or RIA.
Jun 01, 2014
A couple of years back, I took the deposition of a billionaire CEO. Despite almost 25 years of litigation experience, it was a pretty unusual event.
May 28, 2014
In 1958, the Judicial Conference of the United States approved the creation of the Committee on Rules of Practice and Procedure.
Apr 08, 2014
It’s tax season and while most taxpayers get a refund from the government, some will owe money.
Apr 05, 2014
MO adopted Section 551 of the Restatement Torts that under some circumstances a person’s failure to disclose info constitutes a positive misrepresentation.
Feb 25, 2014
Plaintiff filed suit against Cook County, IL and doctors for failure to perform prenatal tests to detect/diagnose anatomical abnormalities in unborn child.
Feb 20, 2014
Assisted living facilities confront a broad spectrum of legal issues in the normal course of their business.
Feb 10, 2014
In September of 2007, Dalton Johnson was admitted to the Braintree Manor Rehabilitation and Nursing Center.
Dec 20, 2013
The survivors of those who died tragically have netted mixed results in courts around the nation over the last few weeks.
Dec 11, 2013
The Kentucky Court of Appeals awarded $1,450,000 in punitive damages despite the jury assessing comparative fault of 25% against the Estate’s decedent.
Dec 04, 2013
In September, the United States Sentencing Commission issued its most recent edition of the Guidelines Manual for the Federal Sentencing Guidelines.
Dec 04, 2013
An increasing number of businesses are hiring independent contractors to perform services, a relationship attractive to many companies for various reasons.
Dec 02, 2013
This is a general overview of the dozens of state statutes specifically applicable to the retail sale of precious metals.
Dec 02, 2013
Employment contracts often contain types of non-compete and/or non-solicitation agreements that place restrictions on employees after leaving employment.
Oct 10, 2013
This article will discuss how damages are determined once the proper parties are in place.
Sep 19, 2013
If a family member died due to the fault of another, how can one determine who can bring an action against the party liable for the family member’s death?
Sep 05, 2013
When a seller of a property makes representations of the property’s value, a buyer typically discounts those statements.
Jul 22, 2013
The music finally stopped last week, and the dancers parted way.
Jul 16, 2013
Missouri law sets forth specific requirements that must be met before an individual can obtain expungement of his or her arrest records.
Apr 15, 2013
If parties to a lawsuit dispute whether a valid settlement agreement was entered into, the party purporting that an agreement was made may file a motion to enforce the agreement with the court.
Apr 05, 2013
Let’s start this off-beat blog post with a confession: I am a Type-A+ attorney.
Mar 05, 2013
Congress enacted I.R.C. § 4958 to provide for intermediate sanctions in lieu of harsher penalty of revoking tax-exempt status of non-profit organizations.
Jan 14, 2013
Last year marked a record setting year for the Justice Department’s (“DOJ”) recovery from companies that filed false claims against the government.
Dec 03, 2012
In Between a Rock and a Hard Place – State Courts’ Public Policy v. the United States Supreme Court’s strict interpretation of the FAA.
Oct 16, 2012
Since its creation in December 1997, the Benistar 419 Plan, has brought much scrutiny to the tax interpretation of 419 plans.
Oct 10, 2012
Drafting a petition for Writ of Certiorari to the United States Supreme Court in a case we have against Fisher Investments, Inc.
Aug 27, 2012
Short-sellers Avoid Liability in New York State Court for Defamation, Trade Libel and Unjust Enrichment
The stock of silver producer Silvercorp Metals, Inc. (“Silvercorp”) trades on the New York and Toronto stock exchanges.
Jul 16, 2012
Missouri Supreme Court found, in a 5-2 decision, that a hospital employee who broke her pelvis while making coffee is not covered by workers’ compensation.
Jun 02, 2012
Use Common Sense and Heed Your Industry’s Respective Rules and Regulations When Communicating Through Social Media Forums
It seems like every week I read an article that offers tips about how business professionals should use (or not use) social media.
May 23, 2012
Mark May was the sole director and president of Maranatha Financial Group, a financial advisory firm in Dayton, Ohio.
Apr 27, 2012
When is a limited liability company member liable for the tortuous conduct of the limited liability company?
Mar 16, 2012
Defamation is a false statement, communicated to others, that gives a negative impression of a person, group, or entity.
Feb 10, 2012
A judge in the federal court in St. Louis found herself ordering signatures, hearings and discovery in a wrongful death case that had already been settled.
Jan 06, 2012
Interested in Historical parallels between the alleged causes and political responses to the economic crises of 1929 – 1934 and 2008 – 2012?
Jan 04, 2012
The idea behind the Missouri workers’ compensation statute is to create a no-fault compensation system.
Dec 19, 2011
Deputy Scott J. Beine (“Beine”) worked for the St. Charles County Sheriff’s Department (“Employer”) from 1997 until July 7, 2008.
Dec 04, 2011
According to the Certified Financial Planner’s website, the CFP Board opened 1,472 disciplinary cases in 2010.
Oct 19, 2011
Mold is a type of fungi that reproduces by releasing tiny spores which travel through indoor or outdoor air.
Oct 10, 2011
It is important to understand the nature of a warranty and the difference between a warranty and any other type of contractual representation or promise.
Oct 06, 2011
In Missouri, defendants almost always seek to preclude evidence of prior incidents involving the defendant on the basis that such evidence is irrelevant and prejudicial.
Oct 05, 2011
At the core of most law suits is one common element: money.
Oct 05, 2011
It is well-established in Illinois that a movant is entitled to summary judgment if no genuine issue of material fact exists and the moving party establishes a right to judgment as a matter of law.
Sep 30, 2011
It has been one month since the Missouri Supreme Court began its pilot for electronic filing.