{"id":4389,"date":"2007-04-09T00:35:56","date_gmt":"2007-04-09T00:35:56","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/04\/nasd_form_u5_notice_of_termina"},"modified":"2022-03-25T14:46:32","modified_gmt":"2022-03-25T19:46:32","slug":"nasd-form-u5-notice-of-termina","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/nasd-form-u5-notice-of-termina\/","title":{"rendered":"NASD Form U-5 Notice of Termination Statements Are \u2018Absolutely Privileged,\u2019 Says A Divided New York Court of Appeals"},"content":{"rendered":"

A Federal Appeals Court in New York reversed prior decisions and decided that statements in a NASD Notice of Termination Form U-5 are subject to absolute privilege from defamation actions. The Securities Industry and Financial Markets Association claim the ruling is a victory for investors and that firms will now be encouraged, rather than discouraged, from offering investors full disclosure regarding a broker that has participated in any wrongful actions. Yet, observers believe it is the brokerage industry itself that won a victory.<\/p>\n

In Judge Victoria A. Graffeo’s opinion, the court discussed that Chaskie Rosenberg was hired as a financial services representative in 1997 for defendant Metropolitan Life Insurance Company’s All-Boro agency. Based in Brooklyn, the agency served members of the local Hasidic Jewish community. Most of its employees were also Hasidic Jews.<\/p>\n

MetLife performed an agency audit in 1999 because the agency accepted third-party checks to pay for life insurance policy premiums. Following another audit, MetLife shut the agency down and moved employees to a different office. Rosenberg was let go after a third audit by MetLife. ‘<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

A Federal Appeals Court in New York reversed prior decisions and decided that statements in a NASD Notice of Termination Form U-5 are subject to absolute privilege from defamation actions. The Securities Industry and Financial Markets Association claim the ruling is a victory for investors and that firms will now be encouraged, rather than discouraged, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3788],"tags":[],"class_list":["post-4389","post","type-post","status-publish","format-standard","hentry","category-nasd-enforcement"],"yoast_head":"\nNASD Form U-5 Notice of Termination Statements Are \u2018Absolutely Privileged,\u2019 Says A Divided New York Court of Appeals — Investor Lawyers Blog — April 9, 2007<\/title>\n<meta name=\"description\" content=\"A Federal Appeals Court in New York reversed prior decisions and decided that statements in a NASD Notice of Termination Form U-5 are subject to absolute — April 9, 2007\" \/>\n<meta name=\"robots\" content=\"index, follow, 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