Securities arbitration - a decade after McMahon

Article Abstract:

The era of securities arbitration ushered in by the US Supreme Court's 1987 McMahon decision has now had the negative impact on investors that has been generally perceived. Jury trials might be preferable to arbitration for investors, but customer-broker arbitration does not appear to give a decisive upper hand to the securities industry. Overall, self-regulatory organization rules and principles of equity, as may be applicable in securities arbitration, will generally help investors in such proceedings.

Interpretation and construction, Securities dealers, Commercial arbitration agreements

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Securities litigation developments: the "bespeaks caution" doctrine and related defenses

Article Abstract:

The 'bespeaks caution' defense can be used effectively against claims that financial statements failed to properly disclose risk if cautionary statements are tailored to the specific information involved. The defense applies to future predictions and other forms of soft information. The defense is not effective if the cautionary statement is generalized, and cautionary statements cannot cure misstatements or omissions of fact.

Cases, Disclosure (Securities law), Financial statements, Material facts (Law)

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