Published Cases

Our firm’s member has litigated many noteworthy cases, such as the following:

• In re Anonymous, No. 2021-62732 (CFP Bd. Disciplinary & Ethics Comm’n Aug. 8, 2023): This was a formal disciplinary action brought by the Certified Financial Planner Board of Standards, Inc. (“CFP Board”)’s staff counsel against a CFP professional (the “respondent”). The respondent CFP professional admittedly breached his duty of loyalty to both Client-1 and Client-2 (a married couple) by failing to avoid, or to fully disclose, obtain informed consent to, and properly manage, the material conflict of interest that was identified when Client-1 told the respondent that the couple “may” be getting divorced. Further, the respondent CFP professional failed to obtain Client-2’s required signatures and to discuss with her a transaction that Client-1 requested when Client-1 forged documents and lied to the respondent. Nonetheless, after an evidentiary hearing, David S. Rich persuaded the CFP Board’s Disciplinary and Ethics Commission (the “DEC”), in disciplining the respondent CFP professional, to deviate downward, by at least two levels of severity, from the CFP Board’s Sanctions Guidelines’ guidance of a baseline sanction of suspension of the respondent’s CFP certification for at least one year and one day. Specifically, Mr. Rich convinced the DEC to issue, to the respondent CFP professional, a mere private censure and a direction to attend certain additional continuing education seminars.
• JLM Chems., Inc. v. Summit Resource Group, Inc., No. 08-CV-10296, 2009 WL 1108662 (S.D.N.Y. Apr. 24, 2009). In a worldwide chemical distribution company’s action against an out-of-state distribution company and its president for breach of a six-figure contract for the sale of goods, fraud, and conspiracy, Mr. Rich successfully moved to dismiss the complaint for lack of personal jurisdiction.
• Barron Partners, LP v. Lab123, Inc., No. 07-CV-11135, 2009 WL 129043 (S.D.N.Y. Jan. 20, 2009). In a hedge fund’s securities fraud action alleging that the seller entities deceitfully induced it to invest in a new public company, Mr. Rich, on the hedge fund’s behalf, successfully moved to dismiss, for failure to state a claim, the sellers’ fraud and negligent misrepresentation counterclaims.
• Barron Partners, LP v. Lab123, Inc., No. 07-CV-11135, 2008 WL 2902187 (S.D.N.Y. July 25, 2008). In a hedge fund’s securities fraud action alleging that the seller entities deceitfully induced it to invest in a new public company, Mr. Rich, on the hedge fund’s behalf, successfully opposed the seller entities’ motion to dismiss the complaint for failure to state a claim.
• United States ex rel. John Glover v. Federation of Protestant Welfare Agencies, No. 05-CV-6522 (S.D.N.Y. Dec. 5, 2008) (oral opinion). In a qui tam and retaliatory discharge action under the federal False Claims Act by a terminated executive of a federally funded social service agency, Mr. Rich and a colleague successfully opposed the defendant agency’s summary judgment motion.
• Pastore v. Witco Corporation Severance Plan, 196 Fed.Appx. 18, 2006 WL 2335161 (2d Cir. 2006). In an ERISA action to recover severance benefits, Mr. Rich appealed from the District Court’s order granting summary judgment dismissing a participant’s complaint. The Second Circuit vacated in most respects the District Court’s order and remanded for further proceedings, vindicating Mr. Rich’s contention that the plan administrator acted arbitrarily and capriciously in denying benefits to the participant.