The Securities Arbitration Clinic (SAC) represented a Korean immigrant and single mother whose investment advisor failed to follow her instructions to liquidate her brokerage account during the recent market turmoil. SAC students spent several hours per day and worked over the course of several weekends, analyzing documents, preparing witnesses, developing opening and closing statements, and preparing various hearing exhibits. Because of the students’ efforts, they were able to negotiate a very favorable settlement for their client. The respondent was also represented by very experienced defense counsel. The SAC team was comprised of Sarin Chee 3L, Melissa Ferraro 3L, Oscar Hagstrom 3L, and Rahim Virani 3L.
The Securities Arbitration Clinic also represented a 70-year-old retiree whose stockbroker had recommended and sold her an investment that was unsuitable based on her age, investment objectives (i.e., need for liquidity), and risk tolerance. This matter was scheduled for hearing early last semester and required the new SAC students to “get up to speed” very quickly and prepare the case for hearing. The students also filed a motion to compel outstanding discovery and submitted a comprehensive pre-hearing brief. Despite these challenges, the SAC team of Christine Garg 3L, Kate Howard 3L, Ravin Patel 3L, and Justin Sherman 3L did a fantastic job and obtained a very good settlement for their client.
SAC students Melissa Ferraro and Christine Garg also represented the Clinic during the Open House at the Mediation Settlement Day Kick-Off Celebration on October 7, 2010 at the New York County Lawyers’ Association. Mediation Settlement Day, which was held on October 21, is an annual event sponsored by FINRA Dispute Resolution, the New York Stated Unified Court System, and a coalition of more than 100 alternative dispute resolution programs, bar associations, community-based programs, schools, and public and nonprofit organizations in New York, New Jersey, Illinois, California, and Washington, D.C. At the kick-off celebration, Melissa and Christine helped educate the public about the services the Clinic provides, and learned about the program in place at numerous other alternative dispute resolution organizations throughout the tri-state area.
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Students from the Law School’s Securities Arbitration Clinic won the top prize for most outstanding arbitration team at the Securities Dispute Resolution “Triathlon,” held on October 17–18, 2009 at St. John’s University School of Law. The competition consisted of individual mock negotiation, mediation, and arbitration rounds based on a hypothetical customer/broker dispute. Fourteen teams from 12 different law schools participated in the event, which was co-sponsored by St. John’s University School of Law and the Financial Industry Regulatory Authority (FINRA). New York Law School was represented by Melody Behnam 2L, Adam Jason 3L, and Olha Kolisnyk 3L, all of whom walked away with gold medals. The team was coached by Professor Howard S. Meyers, Co- director of the Securities Arbitration Clinic, and Jennifer McCallion 3L, a participant in last year’s Clinic. Click here for the flyer.
On September 14, 2009, Professor Howard S. Meyers, Co-Director of New York Law School’s Securities Arbitration Clinic, introduced New York State Comptroller Thomas P. DiNapoli at a press conference held at New York Law School to announce the launch of a new financial advocacy website titled “yourmoneynewyork.com.” To watch the video click here.
On December 3, 2008, the Securities Arbitration Clinic was interviewed by Channel 7, Eyewitness News, highlighting the clinics work with the greater New York City community. To watch the video click here.