Problem
Mika Meyers sued the unregistered investment advisor responsible for the sales, as well as various entities and individuals who enabled the alleged fraud. Some of the defendants were sued in court, while some had to be sued in FINRA arbitration proceedings. The court case began with a flurry of activity as the defendants filed a motion to dismiss the securities fraud claims on statute of limitations grounds. The court denied the motion to dismiss and adopted Mika Meyers’ legal theory as to when the applicable statute of limitation began to run.
Solution
After fending off the motion to dismiss, Mika Meyers was able to settle the court case on terms that were favorable to the plaintiffs. Unlike the court case, the FINRA arbitration went all the way to a final hearing on the merits. The arbitrators issued an award in favor of the Claimants for more than $1 million. The story did not end there, however. In order to collect on the arbitration award, Mika Meyers was forced to sue the Respondents’ insurance carrier, which initially denied coverage due to the policy limits being exhausted. Mika Meyers argued that the insurance carrier was applying the wrong policy and that the correct policy was not exhausted. The case soon settled on favorable terms for Mika Meyers’ clients.
By persevering through a FINRA arbitration and two lawsuits in different courts, Mika Meyers was able to recover a substantial portion of its clients’ investment losses.
Case Results
1000000
Million Judgement
Dan Broxup represented us in a FINRA case which took a year and a half and was very involved. We have never been involved with anything like this but Dan handled it very well, kept us informed, and continually explained the process in terms that were easily understood. Dan’s understanding of the process was excellent and his advice and recommendations to us were always appropriate. Dan communicated very well by phone, e-mail, and personal meetings. His knowledge of securities law was excellent. We were very comfortable with Dan and he did a great job of keeping our stress levels low in some very stressful situations while going thru Mediation and Arbitration.
- John Hollenbeck
