Which Laws Apply to Broker-Dealers? Federal Laws? State Laws? Both? General Principles Leading to an Answer

TAMAR FRANKEL

BU Law emerita professor Tamar Frankel explains the law of preemption as it pertains to broker-dealers and their investor clients. She predicts, among other things, that either the clients will demand that broker-dealers adhere to a fiduciary duty, or else that states will impose that duty on them.

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Campbell v. McCarthy

Docket: 18-1890

Opinion Date: March 5, 2020

Judge: Robert Bruce King

Areas of Law: Civil Procedure, Military Law

Plaintiff, a civilian employee of the Army Corps of Engineers, filed suit challenging the Army's decision to suspend him from his employment pending review of his security clearance. The district court awarded summary judgment to the Army on claims under Title VII of the Civil Rights Act and Age Discrimination in Employment Act. The Fourth Circuit vacated the district court's judgment and dismissed the action in light of the Supreme Court's decision in Department of the Navy v. Egan, 484 U.S. 518 (1988). The court held that review of any of plaintiff's claims requires review of the suspension of his security clearance — a review that necessarily goes to the very heart of the protection of classified information — and thus Egan deprived the district court of subject matter jurisdiction to review each of the claims. Therefore, the district court erred by failing to dismiss these claims outright for lack of subject matter jurisdiction.