Green & Schalfe is pleased to announce that partners Adam Green and Michael Schafle have once again been recognized by their peers for selection to the prestigious The Best Lawyers in America list.
In order to reform the system, investor advocacy groups have suggested the SEC enhance the standard to which brokerages and brokers are held with regard to investor best interests. Currently the standard is based on the necessity of matching investor and investment through a concept known as "suitability." Investor advocates like PIABA, however, want to raise the bar to the "best interest” standard.
A new study indicates what many within the healthcare industry have increasingly come to suspect about IVC (Inferior Vena Cava) filters: the device is not associated with a reduction in patient mortality. At the same time, the implantation of the filters during catheter-based lytic therapy procedures has significantly increased treatment costs. It seems patients and their insurance providers are paying a lot of money for very little in the way of results.
A judge in Virginia federal court ordered a former broker and his alleged accomplice, former Philadelphia Eagles linebacker Merrill Robertson Jr., to forfeit $8 million. The money was allegedly generated by Robertson and Sherman Vaughn Jr. through the operation of a Ponzi scheme which lasted from 2009 to 2016.
Philadelphia is getting serious about its elder financial abuse problem. As we noted in a recent blog post, the Philadelphia Office of the Securities and Exchange Commission announced that it would be hosting public awareness talks and meetings to combat the growing problem of elder financial abuse. That announcement was followed by the District Attorney for Philadelphia Larry Krasner's statement that he would be creating a special task unit targeting perpetrators of financial fraud against senior citizens.
Following its warning two years ago, Stryker recently updated the public about the LFIT Anatomic CoCr V40TM product line, and the news is not good. Stryker again warned orthopedic surgeons implanting the femoral heads that the risk continues to be "higher than expected" and in addition the company added eight more catalog numbers to its official recall list.
Investment advisors and financial advisors are held to different standards of accountability when it comes to the investments they make on behalf of clients. Investment advisors have long been held to what is called the "fiduciary standard." Find out what the difference means for you and your money.
According to the Chairman of Cardiovascular Medicine at the Cleveland Clinic, approximately 1 out of every 69 of his patients taking canagliflozin for five years will end up with a drug-related amputation. These amputation commonly involve the toe, foot, or part of the leg, and are reportedly twice as likely to occur in patients taking Invokana for several years as opposed to other diabetic drugs.
Thanks to a recent decision by the Fifth Circuit, it appears that brokers will, once again, get off the hook when it comes putting their clients' interests in front of their own. Into the breach has stepped an idea that has been kicking around for a years now, but which may be the best of several uninspiring options to compel brokers to act more responsibly toward investors: The Oath.
According to FINRA, while there is no airtight definition of a high-risk (yet), the regulatory body deploys a set of criteria to help identify these individuals and ratchet up the oversight on them. However you can use these criteria yourself to evaluate your own or a potential FA for excessively risky behavior.
Recently, FINRA created a task force to study the problem and discovered that, in the five years from 2012 through 2016, a total of 268 awards (27% of the cases where investors were successful) or $199 million in awards (29% of total damages awarded to investors) have gone unpaid, the report states.