The Investors’ Control of Their Investment Advisers. Who Has the Final Word?

TAMAR FRANKEL

BU Law emerita professor Tamar Frankel discusses an emerging issue affecting financial advisers—when a client may exercise control over the actions of the adviser. Frankel relates the story of an investment adviser that did not follow the client’s orders to cease certain investments, at a cost of almost $5 million to the client. As Frankel explains, the Securities and Exchange Commission (SEC) got involved, resulting in the investment adviser’s settlement for a significant payment to the client and other conditions.

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State ex rel. Kerr v. Collier

Citation: 2020-Ohio-457

Opinion Date: February 13, 2020

Judge: Per Curiam

Areas of Law: Business Law, Civil Procedure

The Supreme Court affirmed the judgment of the court of appeals dismissing Appellant's complaint for a writ of prohibition and dismissed as moot the motions Appellant filed in connection with the complaint, holding that the court of appeals correctly dismissed the complaint. In his complaint, Appellant sought to vacate charging orders and receivership orders concerning his membership interests in two limited liability companies, asserting that the orders exceeded the authority of Henry County Court of Common Pleas Judge John Collier. The court of appeals dismissed the complaint, concluding that Judge Collier did not patently and unambiguously lack jurisdiction to enter a charging order or to appoint a receiver. The Supreme Court affirmed, holding that because Judge Collier had subject matter jurisdiction to enter a charging order and to appoint a receiver, Appellant did not show that the judge patently and unambiguously lacked jurisdiction.

Robinson v. Fender

Citation: 2020-Ohio-458

Opinion Date: February 13, 2020

Judge: Per Curiam

Areas of Law: Criminal Law

The Supreme Court affirmed the judgment of the court of appeals dismissing Appellant's petition for a writ of habeas corpus against the warden of the Lake Erie Correctional Institution, holding that the court of appeals correctly dismissed Appellant's habeas petition for failure to comply with Ohio Rev. Code 2969.25(A). Appellant filed a petition for a writ of habeas corpus alleging that he was entitled to immediate release from prison because his sentences had expired. The court of appeals dismissed the complaint for failure to comply with section 2969.25(A). Appellant appealed. After briefing was completed, Appellant filed a motion for certified copies of the record. The Supreme Court denied the motion and affirmed the court of appeals' dismissal of the habeas petition, holding that dismissal was proper because Appellant did not comply with section 2969.25(A).

State ex rel. Kerr v. Turner

Citation: 2020-Ohio-459

Opinion Date: February 13, 2020

Judge: Per Curiam

Areas of Law: Criminal Law

The Supreme Court affirmed the judgment of the court of appeals dismissing Appellant's petition for a writ of habeas corpus, holding that the court of appeals properly dismissed the habeas corpus petition. In dismissing the petition, the court of appeals concluded that Appellant had failed to attach all his commitment papers to the petition and failed to state a proper claim for relief in habeas corpus. Further, the court found that the petition was barred under the doctrine of res judicata. The Supreme Court affirmed, holding that Appellant's failure to attach commitment papers related to his convictions was a fatal defect and that Appellant's petition failed to state a claim cognizable in habeas corpus.

State v. Craig

Citation: 2020-Ohio-455

Opinion Date: February 13, 2020

Judge: DeWine

Areas of Law: Criminal Law

The Supreme Court reversed the judgment of the court of appeals dismissing Appellant's appeal of his conviction for two counts in an indictment because of a "hanging charge," holding that, in this case, the trial court's finding that Appellant was incompetent to stand trial on the pending charge operated as a de facto severance of that count from the counts of conviction. A jury found Appellant guilty on two counts in an indictment and hung on a third count. Appellant was sentenced to imprisonment on the two counts on which he was convicted, but the third count remained pending. Because of the "hanging charge," the court of appeals dismissed Appellant's appeal from his convictions for lack of a final, appealable order. The Supreme Court reversed, holding that when a defendant is convicted and sentenced on fewer than all counts of a multicount indictment and the State is prevented from retrying the defendant on the remaining counts due to a finding that the defendant is incompetent to stand trial, the incompetency finding effectively severs the charges, and the defendant may appeal his or her conviction and sentence.