PIABA Trolls The Fiduciary Duty Debate

Law360, New York (April 7, 2015, 10:51 AM EDT) -- On March 25, the Public Investors Arbitration Bar Association issued a self-described "review"[1] or "study"[2] (the report) finding that, in their advertising, brokerage firms have implied that they have a fiduciary duty but, in arbitrations, brokerage firms have taken an altogether different stance that they have no such duty. The report engages in a bizarre form of name-calling, accusing brokerage firms of "advertising like doctors, arbitrating like used car salesmen."[3]

The report was promoted through a press release,[4] generated a news conference[5] and sparked articles, including an article in this publication.[6] If nothing else, the report enabled PIABA to steer the...

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