The New York Court of Appeals (NY’s highest court) today vacated a judgment of over $1.3 million obtained by the National Association of Securities Dealers, Inc. (“NASD”) (now known as Financial Industry Regulatory Authority, Inc. (FINRA)) against GKB&N clients. The Court adopted GKB&N’s argument that the state court lacked jurisdiction over an action to collect a disciplinary award because such action arises under the federal securities statute, which provides for exclusive federal jurisdiction.

Financial Industry Regulatory Authority, Inc. v. Fiero, 10 N.Y.3d 12, 853 N.Y.S.2d 267 (2008).