June 2017 – KSR Partner Howard Rosenburg has been named Chair of the Securities Law Committee of the Chicago Bar Association. The Committee provides educational training to attorneys in securities law and monitors and drafts legislation that impacts securities law practitioners and their clients. Additionally, the Committee provides a wide array of services and expertise to the courts and the legal community.
February 2017 – Firm Partner Jim Kopecky has been named President of the Celtic Legal Society of Chicago. The Celtic Legal Society of Chicago is an organization of attorneys and judges that provides scholarships for students at the law schools in Chicago. It also recognizes individuals who have served the legal profession and the community at large through the “James J. Shields Medal of Excellence” and “Celt of the Year” awards.
February 2017 – KSR successfully defended a New York-based high-frequency trading firm and registered representative in a FINRA securities arbitration. The case involved allegations of fraud, negligence, breach of fiduciary duty, breach of contract, unsuitable investments and churning. At the conclusion of Claimant’s case-in-chief, the 3-person arbitration panel granted Respondents’ Motion for Directed Verdict. Jim Kopecky and Daryl Schumacher handled the case for the firm.
January 2017 – A Cook County jury granted a verdict in favor of KSR’s client, a man whose sister unduly influenced their mother to change the family trust write him out of any inheritance of the estate. In an emotionally charged and factually intensive case, KSR was able to demonstrate to the jury that the sister tortuously inteerfered with her brother’s inheritance expectancy and unduly influenced their mother to change her estate plan such that he would not inherit his equal share of two family farms and a brokerage account worth millions. The jury returned a verdict of damages in favor of KSR’s client and made an affirmative finding of undue influence. Jim Kopecky, Jen Fair, and Daryl Schumacher handled the case for the firm.
August 2016 – Daryl Schumacher recently presented a continuing legal education seminar to the Chicago Business Lawyers Network. The CLE focused on state and federal securities laws, some commonly litigated securities issues, and drafting points for private placement memoranda.
July 2016 – The firm prevailed before the US Court of Appeals for the Seventh Circuit, on behalf of two clients, a registered investment adviser and a cloud-based data storage provider. The clients were sued by an individual formerly associated with the investment adviser who was allowed to use the data storage services through his relationship with the investment adviser. After the relationship terminated the investment advisor blocked the individual’s access to the data storage software. The individual sued, claiming violations of the Illinois Trade Secrets Act, conversion, unjust enrichment, among other claims. The firm secured partial summary judgment on behalf of its clients and then prevailed in a jury trial on the remaining portion of the case.
The plaintiff appealed to the Seventh Circuit Court of Appeals, claiming he had a right to the data that was stored in the database. The Seventh Circuit agreed with the firm that Securities and Exchange Commision Regulation S-P, promulgated pursuant to the Gramm-Leach-Bliley Act, prohibited the firm’s clients from allowing the plaintiff any access to the data. It also agreed with the firm that the plaintiff’s claim for conversion was defective because the plaintiff did not properly make a demand for the information in the database. Jim Kopecky and Howard Rosenburg lead the trial team. Howard Rosenburg argued the appeal.
July 2016 – After a week-long FINRA securities arbitration, the Firm won an award in favor of its client of approximately $800,000. The Firm’s client, a securities broker-dealer, asserted claims for breach of fiduciary duty, misappropriation of trade secrets and unfair competition against a group of former employees that opened a competing broker-dealer. The arbitration panel not only provided the Firm’s client with a substantial damages award, but included an additional $40,000 in sanctions against the other parties. Jim Kopecky and Daryl Schumacher lead the arbitration team.
July 2016 – The Firm won an appeal on behalf of a financial professional in a case involving the sale of fixed indexed annuities. The Firm obtained a directed verdict in their clients’ favor before the trial court (Circuit Court of Cook County, Illinois). The plaintiff appealed the decision to the Illinois Appellate Court. One of the central issues on appeal was whether the fixed indexed annuities were securities or insurance products. In a 26-page published opinion, the Illinois Appellate Court held that the fixed indexed annuities at issue were insurance products not securities. The Illinois Appellate Court affirmed the trial court’s directed verdict in Defendants’ favor. The case was led by Jim Kopecky and Daryl Schumacher.
June 2016 – The Firm obtained summary judgment for its client, the plaintiff in a breach of contract case. The court ordered the defendant to pay 100% of the damages the Firm claimed for its client, a home health care company. The case was pending in the Circuit Court of Cook County. Martin Doyle was the lead attorney on the case.
January 2015 – The firm successfully defended their client, Siming Yang, against the US Securities and Exchange Commission’s charges of illegal insider trading. The SEC accused Mr. Yang and his investment company of illegally trading in shares of Zhongpin, Inc. shortly before an announcement of a take private offer for the company. According to the SEC, the trading resulted in gains of more than $8 million. Jim Kopecky and Howard Rosenburg tried the case, which resulted in a jury verdict in favor of Mr. Yang on the insider trading claims.
October 2014 – After a week-long trial in the Circuit Court of Cook County, Illinois, Jim Kopecky and Daryl Schumacher obtained a directed verdict in favor of their client, a financial professional accused of engaging in fraud in connection with the sale of annuities.
October 2013 – Following a recent National Futures Association arbitration hearing, an NFA-appointed Arbitration Panel dismissed with prejudice all claims against the Firm's brokerage firm client. KSB attorneys Jim Kopecky and Martin Doyle successfully defended the brokerage firm from allegations of wrongful, reckless liquidation and damages claimed in excess of $750,000.
July 2013 – The Seventh Circuit Court of Appeals affirmed the dismissal of an investor lawsuit the firm obtained on behalf of hedge fund.
July 2013 – Howard Rosenburg comments on the proposal to end mandatory FINRA customer arbitrations.
March 2013 – A group of Inland American Real Estate Trust lnc. investors lodged a derivative suit in Illinois court Thursday that seeks billions in damages from the company's principals, alleging they ran a $184.8 million Ponzi scheme by paying shareholders with capital rather than profits or returns on investments.
March 2013 – Financial services attorney Martin "Marty" Doyle has become "of counsel" to the law firm Kopecky, Schumacher, & Rosenburg, PC. KSR is a boutique law firm focused on financial services, business law, and securities regulation/litigation.
Martin Doyle had most recently served as General Counsel and Chief Compliance Officer for the New York-based securities lending broker firm Quadriserv, where he was responsible for all legal, regulatory and compliance matters. Prior to that, Doyle was President and General Counsel for the security futures exchange OneChicago, a joint venture owned by the Chicago Mercantile Exchange, Chicago Board Options Exchange and Interactive Brokers Group. He also previously served as Vice President and General Counsel of Lind-Waldock & Company, which at the time was the world's largest futures discount firm.
Additionally, Doyle serves on the National Futures Association's Hearing Committee and as an NFA arbitrator. He earned a BA from St. Mary's University (Winona, Minnesota) and a Juris Doctor from John Marshall Law School in Chicago.
January 2013 – Chicago Magazine included Jim Kopecky in a list of the top 100 attorneys in Illinois. The list was based on peer recognition and professional achievement.
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