JHS, Hyde Park Sue To Escape GunnAllen Liability

Law360, New York (April 12, 2010, 2:05 PM EDT) -- Beset by investors in defunct brokerage firm GunnAllen Financial Inc., JHS Capital Holdings and Hyde Park Equity Investments LLC have sued to put the kibosh on some 18 arbitration proceedings at the Financial Industry Regulation Authority alleging they are liable for investors’ losses.

The complaint, lodged Friday in the U.S. District Court for the Eastern District of Michigan, claims that the plaintiffs have no duty to investors allegedly defrauded by GunnAllen and cannot be pulled into arbitration proceedings as controlling persons of the fallen brokerage firm....
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