Mirick, O'Connell, DeMallie & Louges, LLP Firm News Feed

SJC Upholds Secretary's Fiduciary Duty Rule

20 Sep 2023 00:00:00 -0800

By: William J. Morrissey

In the case of Robinhood Financial, LLC v. Galvin, the Massachusetts Supreme Judicial Court (“SJC”) has upheld the Secretary of State’s, William F. Galvin (the “Secretary”), so-called Fiduciary Duty Rule, codified at 950 C.M.R. § 12.207(1)(a). The SJC’s decision has widespread implications for broker-dealers and confirms the Secretary’s expansive authority to clarify the legislature’s intent under the Massachusetts Uniform Securities Act (“MUSA”), including what constitutes “unethical or dishonest conduct or practice,” as found in Section 204.

In an attempt to protect inexperienced investors, in an ever-changing trading market, from unethical conduct by broker-dealers, the Secretary enacted the Fiduciary Duty Rule. The Fiduciary Duty Rule raises the investment-advice standard for broker-dealers to the heightened fiduciary standards applied to investment advisors, on the basis that if broker-dealers provide investment advice or recommendations, the investor is entitled to advice made in their best interest and without conflict. The Fiduciary Duty Rule makes it “unethical or dishonest” under the Massachusetts Uniform Securities Act (“MUSA”), for a broker-dealer to “fail … to act in accordance with a fiduciary duty to a customer when providing investment advice or recommending an investment strategy, the opening of or transferring of assets to any type of account, or the purchase, sale, or exchange of any security.”'

The SJC’s ruling upholds the Fiduciary Duty Rule, which imposes additional obligations upon broker-dealers, and affirms the Secretary’s far reaching authority to interpret MUSA and regulate broker-dealers.

Take Away:

The SJC has affirmed the Fiduciary Duty Rule, which raises the investment-advice standard for broker-dealers to the heightened fiduciary standards applied to investment advisors.

Ted Bassett Interviewed by Spectrum News Worcester

14 Sep 2023 00:00:00 -0800

BY SPECTRUM NEWS STAFF WORCESTER
PUBLISHED 5:20 PM ET SEP. 12, 2023

WORCESTER, Mass. - Chipmaker Paqui pulled the popular "One Chip Challenge" from store shelves across the country last week after the death of a local teen whose parents said he participated in the challenge.

It’s comprised of eating an extremely spicy tortilla chip which registers more than 1 million Scoville heat units. For comparison, a jalapeno can be anywhere between 2,500 and 8,000.

On its website, Paqui said the challenge is intended for adults only and there is labeling on the package. The company goes on to state, “We have seen an increase in teens and other individuals not heeding these warnings.?As a result, while the product continues to adhere to food safety standards, out of an abundance of caution we are actively working with our retailers to remove the product from shelves.”

Attorney Ted Bassett is the chair of Mirick O'Connell's personal injury litigation group and has practiced civil litigation for more than 25 years. Bassett said based on his experience, he believes product liability could be an issue, but describes this situation as unique.

"There is no restriction,” Bassett said. “It's not like buying cigarettes where you have to show an ID to buy it. Anyone could walk into that store and buy this product. The spice that is used here is so, so powerful, yet there don't seem to be any government regulations prohibiting it. Yet, it's been a known ingredient to cause all kinds of health problems."

“The manufacturer says to keep out of the reach of children, yet, the whole marketing strategy seems to be to put it on social media. And, who do you attract on social media? Kids that are under 18.”

Earlier this month, the family of 14-year-old Harris Wolobah said they suspected his death followed from his participation in the “One Chip Challenge.”

Autopsy results from the state's medical examiner on an official cause of death have not been released.

Ted Bassett to Present NBI Webinar, "Drafting Demand Letters That Get Results- How to Craft Settlement Packages That Maximize Recovery"

8 Sep 2023 00:00:00 -0800

Thursday, September 14, 2023

Program Description
How to Craft Settlement Packages That Maximize Recovery

Drafting strong demand letters is a delicate balancing act of building the negotiating relationship and getting your client everything they need and deserve. This strategic program offers hard-won advice on using demand letters to maximize each settlement. Power up your skills - register today!

Drive up reserves and claim value with buzzwords and other practical tips.
Gain insights for information and documentation to include.
Review and critique a sample demand letter to analyze what works and what doesn't.
Don't miss out on the best opportunity to improve your client's outcomes: learn how to respond to first offers.

Brian Falk quoted in "Council gets a look at the Armory at French Hill project"

4 Sep 2023 00:00:00 -0800

"Council gets a look at the Armory at French Hill project," Community Advocate, September 4, 2023

MARLBOROUGH – The old Armory at 358 Lincoln St. – long empty and long considered a neighborhood eyesore – could be converted into 17 residential units if the city approves a special permit.

“I advocate for a transformative project,” said George Voyiatzis, the permit’s applicant, in a public hearing before the City Council on Aug. 21. “We can transform this space.”

According to Brian Falk, the attorney for the Armory at French Hill project, the site would include 14 two-bedroom units, two two-bedroom units and one three-bedroom unit.

Voyiatzis and his wife would occupy the three-bedroom unit.

The site would be 100% electric, said Falk, and it has received approval from the state’s Historical Commission.

Voyiatzis said the project would “breathe new life” into the neighborhood.

Several residents who attended the public hearing supported the plans.

Robert Kays said he has known Voyiatzis for about 20 years, and “he’s an asset to the community.”

John A. Shea Serves as Podcast Guest on The Divorce Hour with Ilyssa Panitz

31 Aug 2023 00:00:00 -0800

John A. Shea discusses the inpact on child support when the kids are relocated to a new state on The Divorce Hour with Ilyssa Panitz

Ted Bassett to Present NBI Webinar, "Personal Injury Litigation in a Nutshell"

30 Aug 2023 00:00:00 -0800

The National Business Insitute will be hosting a live webinar on August 30, 2023 called, "Personal Injury Litigation in a Nutshell." Attorney Ted Bassett will be presenting on "Personal Injury Litigation-Dealing with Medicare, Medicaid, Hospital and Health Insurance Liens"

Program Description
Case Assessments, Settlements, Personal Injury Trials, and More

Get the refresher that you need! Join our experienced faculty as they walk you through the essentials of a personal injury case from intake to discovery to trial or settlement. Know what you need to succeed and steer your case towards a favorable resolution - register today!

Review effective tips for evaluating case potential.
Know what to look for when going through discovery in personal injury cases.
Understand the mechanics behind an effective demand letter.
Get practical insights for the personal injury trial.

Grace Roessler Explains Why The Kevin Costner's Divorce Continues to Go From Bad to Worse

16 Aug 2023 00:00:00 -0800

In an interview with Ilyssa Panitz, attorney Grace Roessler says if you are asked to sign a prenuptial agreement, do not agree to anything until you take it to a lawyer to have them review the papers and explain the terms set fourth in the document.

There is an old saying, “be careful what you sign and make sure to read the entire document including the fine print.” It’s a lesson Christine Baumgartner has been learning since she filed for a divorce back in May from Actor/Director Kevin Costner. Since then, it has been widely reported that the handbag designer has been challenging the couple’s prenuptial agreement, which has her signature and dates back to 2004, the same year the pair tied the knot. Can a person have buyer’s remorse and cry foul, years after a legal contract such as a prenup has been signed? It’s a question many people are asking because this matter became a huge focal point in this Hollywood couple’s contentious divorce. Grace Roessler is a Partner at the Massachusetts law firm of Mirick O’Connell where she concentrates on all aspects of family law including cases that have to be litigated, such as the Costner/Baumgartner divorce, and no, Grace does not represent either side. Litigated means the divorce cannot be resolved in a conference room with the parties and their lawyers, so the matter has to go before a Judge in a courtroom. In addition to writing prenuptial and post nuptial agreements, Grace also has experience serving as a third party neutral and is a certified mediator. It is for these reasons and many more Grace was included in the 2023 edition of the Best Lawyers: Ones to Watch in America for her work and accomplishments.