Managing Partner of the Nashville Office, Tom has over 25 years experience representing business interests in securities, corporate and intellectual property disputes. He represents broker-dealers and investment bankers in disputes from multi-district mutual-fund class-actions to state-court jury trials on derivatives contracts, government enforcement actions, and constitutional challenges to municipal securities rules to customer arbitrations. Tom represents labels and artists in music copyright litigation over several multi-platinum rock and hip-hop albums, and manufacturers in product-configuration trademark and software interface infringement litigation.
In addition to disputed matters, Tom advises broker-dealers, municipal and investment advisors on regulatory and compliance matters. He assists companies with internal investigations, regulatory and compliance matters. Tom has extensive experience in alternative dispute resolution (ADR), having tried scores of arbitrations, and sits as an arbitrator and Panel Chair for the Financial Institution Regulatory Authority (FINRA).
Award dismissing bank’s action against brokerage firm, seeking $7 million plus treble damages, fees and costs arising from purchase of bottom-tranche CDOs. (FINRA: TN)
Award dismissing trade-secrets, breach and raiding claim seeking $2.4 million, plus punitives, fees and costs. (FINRA: LA)
Summary judgment dismissing music copyright-infringement suit over reggaetton hit, Gasolina. (USDC-EDLA)
Defended broker-dealer and municipal-finance-professional against regulators’ charges they had engaged in 21 prohibited municipal securities transactions totaling $1.1 billion. Termed by The Bond Buyer “the largest involving G-37 ever brought by the NASD,” the case involved issues of first impression on the relation of MSRB’s “pay to play” prohibition in Rule G-37 to elected officials serving on Louisiana’s Bond Commission, which oversees municipal-bond issues throughout the state. NASD’s Enforcement Division sought over $2.3 million in fines and a 2-year suspension from all municipal bond business in the state. The SEC reversed NASD’s National Adjudicatory Council and rejected the G-37 charges entirely, but fined the BD $20,000 for “good faith, but erroneous” record-keeping and reporting violations. (NASD; SEC)
Summary judgment dismissing fraud and unsuitability action against annuity issuers and brokers by multiple purchasers of variable annuities. (USDC-MDLA)
Dismissal of $1.3 Million (plus punitive damages and fees) action for unsuitability, misrepresentation, negligence, fraud in New York Stock Exchange arbitration against broker-dealer brought by widow and her charitable remainder trust. (NYSE: NC)
Dismissal of civil claims against broker-dealer in investor securities and shareholder-derivative class-actions in multi-district litigation over mutual-fund timing and late-trading. Resolved all regulatory claims by SEC for nominal fine and supervisory suspension. (USDC DMD, 4th Cir; SEC)
Dismissal of claims against record labels and national distribution company in multimillion-dollar music infringement case involving the band, Puddle of Mudd. (USDC-EDLA)
Denial of class certification in shareholder action over merger of server-virtualization software-development company. (CDC Orleans, LA)
Dismissal of a securities-fraud mass action, in which an issuer alleged over 100 broker-dealers and financial institutions engaged in a short-sale market-manipulation scheme in connection with the “death spiral” convertible debenture financing of JAGNotes.com. (USDC-SDTX)
Defense jury verdict dismissing all claims in $39MM music copyright-infringement action against record label and international distribution company over rap song, Back That Ass Up. (USDC-EDLA, 5th Cir.)
Dismissal of ‘33 Act §11 putative class action against lead underwriters in offering by offshore service company. (USDC-EDLA, 5th Cir.)
Defending a brokerage firm and its officer against fraud and fraudulent-conveyance claims about a reverse repurchase transaction to provide bridge financing for the LBO acquisition of a company subsequently looted by its purchasers. (USDC-NDCA, 9th Cir.)
Panelist, “New Broker-Dealer Suitability Rules,” Webinar, National society of Compliance Professionals (Mar. 22, 2012).
Speaker, “Broker-Dealer Regulatory Exams,” Southern Regional Meeting, National Society of Compliance Professionals (Dallas, TX Feb. 27, 2012).
Speaker, “2011 FINRA & MSRB Regulatory Notices,” National Society of Compliance Professionals - National Meeting (Baltimore, MD, Oct. 18, 2011)
Speaker, “Addressing New Issues in Regulatory Examinations (Small Firms),” National Society of Compliance Professionals - National Meeting (Baltimore, MD, Nov. 2, 2010)
Panelist, “The Ultimate Client Experience,” Legal Marketing Association (May 19, 2010)
Speaker, “New Issues in FINRA, SEC and State Examinations and Enforcement Proceedings,” National Society of Compliance Professionals - Southern Regional Meeting (Feb. 22, 2010)
Speaker, “Pay to Play , or Pay for Playing!” National Society of Compliance Professionals - National Meeting (Philadelphia, PA, Oct. 5, 2009)
Speaker, “RULE 3012 Reviews: What FINRA Is Looking For,” National Society of Compliance Professionals - Southern Regional Meeting (Atlanta, GA, Feb. 23, 2009)
Speaker, “Jury Selection” and “Direct and Cross Examination,” New Orleans Bar Association - 2008 Masters of the Courtroom, (New Orleans, LA, Dec. 10, 2008)
Speaker, “Music Copyright Infringement Litigation,” Vanderbilt University Sports & Entertainment Law Society (Nashville, TN, Nov. 19, 2008)
Speaker, “Regulatory Issues for Supervisors - Small Firms,” National Society of Compliance Professionals - National Conference (Philadelphia, PA, Oct. 20, 2008)
Co-Author, “Hurry up and wait: Municipal advisor registration,” Thomson Reuters (April 19, 2012).
Co-Author, “Arbitration vacatur: Circuits split over whether manifest disregard survived Hall Street,” Thomson Reuters (April 11, 2012).
Interviewed, “How Lies and Legal Problems Snowball” Rueters (Feb. 22, 2012)
Co-Author, “Hurry Up and Wait: Municipal Advisor Registration” NSCP Currents (Jan./Feb. 2012)
Interviewed, “How to Switch Firms… and Not Get Sued,” and side-bar “Don’t Sweat the Small Stuff,” Wall Street Journal (Sept. 20, 2010)
Author, “The SEC’s New IA Pay-to-Play Rule,” NSCP Currents (July/August 2010)
Interviewed, “Practice Management: Moving Beyond a Firm’s Financial Strife,” WSJ Online (June 22, 2010)
Interviewed, “Marty Robbins’ heirs sue, say tribute goes too far,” Nashville Tennessean (May 8, 2010), California Chronicle (May 17, 2010)
Interviewed, “Breakaway Advisors Ordered to Pay Nearly $1.9 Mil,” FA Magazine (May 11, 2010), WSJ Online (May 10, 2010)
Interviewed, “Tales from the floodwaters,” Nashville Business Journal (May 7, 2010)
Interviewed, “Job watch: Hiring expected to rebound at area law firms,” Nashville Business Journal (Apr. 30, 2010)
Author, “What the SEC Learned From the Coast Guard: Red Flags Command Attention, Compel Action,” Practical Compliance & Risk Management For the Securities Industry (July-Aug. 2008)