The Clients’ Waiver of Their Rights Under Regulation BI of the Securities and Exchange Commission

TAMAR FRANKEL

BU Law emerita professor Tamar Frankel discusses the Securities and Exchange Commission (SEC)’s Regulation Best Interest (BI), which imposes on broker-dealers a commitment to act in the best interests of their clients. Specifically, Frankel addresses the SEC’s treatment of client waivers of the Regulation BI, which goes even further than general fiduciary law to prohibit any waiver of the broker-dealer’s conflicting interests.

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Howard v. Commonwealth

Dockets: 2018-SC-000468-MR, 2018-SC-000469-MR

Opinion Date: February 20, 2020

Judge: Michelle M. Keller

Areas of Law: Civil Rights, Constitutional Law, Criminal Law

The Supreme Court affirmed the judgment of the circuit court convicting Defendant of first-degree sexual abuse, first-degree sodomy, and related crimes, and sentencing Defendant to seventy years in prison, holding that the trial court improperly admitted certain Ky. R. Evid. 404(b) evidence, but neither of those instances rose to the level of palpable error. Specifically, the Court held (1) the trial judge did not abuse his discretion in finding that Defendant failed to present sufficient evidence to merit an in camera review of the juvenile records of some of the alleged victims; (2) the trial court did not err in denying Defendant's motion for an independent evaluation and to continue the trial; (3) the trial court did not err by allowing two of the juvenile victims to testify in chambers and outside of Defendant's presence; and (4) there were two instances of improperly admitted Rule 404(b) evidence, but Defendant was not prejudiced by the admission of the evidence.

Helton v. Commonwealth

Docket: 2019-SC-000024-MR

Opinion Date: February 20, 2020

Judge: Michelle M. Keller

Areas of Law: Criminal Law

The Supreme Court affirmed the judgment of the circuit court convicting Defendant of five counts of possession of matter portraying a sexual performance by a minor and five counts of distribution of matter portraying a sexual performance by a minor and sentencing Defendant to twenty years' imprisonment, holding that the circuit court did not err. Specifically, the Supreme Court held (1) the trial court did not abuse its discretion in denying Defendant's request for a stipulation regarding the existence of the child pornography and permitting the Commonwealth to admit portions of five videos containing child pornography; (2) the trial court did not abuse its discretion in allowing limited testimony about eighty-eight additional child pornography videos and a DVD containing child pornography; and (3) Defendant's due process rights were not violated during the penalty phase when the jury heard incorrect testimony regarding Defendant's parole eligibility because it was unlikely that Defendant's parole eligibility affected the jury's recommended sentence.

Jackson v. Estate of Gary Day

Docket: 2018-SC-000297-DG

Opinion Date: February 20, 2020

Judge: Hughes

Areas of Law: Personal Injury

The Supreme Court affirmed the court of appeals' opinion affirming the trial court's grant of summary judgment in favor of Defendants and dismissing Plaintiffs' complaint based on this Court's holding in Gailor v. Alsabi, 990 S.W.2d 597 (Ky. 1999), holding that the lower courts correctly held that Plaintiffs' claims were filed outside the statute of limitations period and that the requirements of Ky. R. Civ. P. 15.03 were not met. Plaintiffs were injured when their vehicle was struck in the rear by a vehicle operated by Gary Day. Before the limitations period expired on their claims, Plaintiffs filed a personal injury complaint against Day. The parties did not know, however, that Day had died a year earlier. After expiration of the statute of limitations Plaintiffs successfully petitioned the probate court to appoint a public administrator for Day's estate. Plaintiffs then filed a complaint correctly naming the Estate as a party with the correct administrator. The trial court concluded that the claims were time barred. The Supreme Court affirmed, holding (1) Gailor is applicable and controlling; (2) knowledge of a claim cannot be imputed to a non-existent party to satisfy the notice requirement of Rule 15.03; and (3) this case did not warrant tolling of the statute of limitations.

Williams v. Hawkins

Docket: 2019-SC-000012-DG

Opinion Date: February 20, 2020

Judge: Hughes

Areas of Law: Personal Injury

The Supreme Court affirmed the decision of the court of appeals affirming the judgment of the trial court dismissing as untimely Tracie Williams' complaint against Katelin Hawkins as the administratrix of the estate of Charlotte Hawkins, holding that no extraordinary circumstance justified deviating from the routine application of the statute of limitations. In March 2015, Williams was injured in a two-vehicle accident with Charlotte. Charlotte died in October 2015. Williams, however, did not discover Charlotte's death until one day prior to the expiration of the statute of limitations in March 2017. When Williams filed her initial complaint against Charlotte the trial court dismissed it as a legal nullity because the court could not have jurisdiction over a deceased individual. After Katelin was appointed as administratrix, a new complaint was filed against Katelin in May 2017. The trial court dismissed the complaint because it was not filed within the two-year limitations period. The court of appeals affirmed. The Supreme Court affirmed, holding (1) no extraordinary circumstances existed to justify equitable tolling; and (2) equitable estoppel was inapplicable.