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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Chaparro v. Shinn

Docket: CV-19-0205-CQ

Opinion Date: March 5, 2020

Judge: Beene

Areas of Law: Criminal Law

The Supreme Court answered a certified question by holding that a sentence imposing "life without possibility of parole for twenty-five years" means the convicted defendant is eligible for parole after serving twenty-five years' imprisonment despite Ariz. Rev. Stat. 41-1604.09's prohibition of parole for persons convicted of offenses occurring on or after January 1, 1994 and that a court lacks jurisdiction to correct and illegally lenient sentence absent timely correction or appeal. Defendant was found guilty of first-degree murder committed in 1995. The trial court sentenced Defendant to "life without possibility of parole for 25 years." After serving twenty-four years of his sentence, Defendant sued the Arizona Department of Corrections under 42 U.S.C. 1983 asserting his entitlement to parole eligibility. The State sought a determination as to whether Defendant's sentence entitled him to parole eligibility. The district court issued a certification order. The Supreme Court held (1) regardless of section 41-1604.09, Defendant was eligible for parole after serving twenty-five years pursuant to his sentence because the sentencing hearing and order manifested the trial court's intent for Defendant to be parole eligible; and (2) Defendant's illegally lenient sentence was final under Arizona law.