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Defining The Scope Of Broker And Dealer Duties -- Some Problems In Adjudicating The Responsibilities Of Securities And Commodities Professionals, Gregory A. Hicks
Defining The Scope Of Broker And Dealer Duties -- Some Problems In Adjudicating The Responsibilities Of Securities And Commodities Professionals, Gregory A. Hicks
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The purpose of this Article is to stress the need for grounding broker-dealer duties in sound, articulated understandings of the investment markets, as well as defensible statements of the responsibilities and expectations of both customers and market professionals. This important need will be demonstrated through the use of several cases illustrating problematical or failed processes by which broker-dealer duties have been established.
This Article will focus primarily on two recent decisions, In re E.F. Hutton & Co., and Wasnick v. Refco, Inc., both of which have been criticized for inappropriately expanding broker and dealer duties. Each decision is …