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[Overseas financial NOW] Fidelity charged with Supreme Court for suspicious activity report

[Overseas financial NOW] Fidelity charged with Supreme Court for suspicious activity report

19 January 2020 | 3:00 am

Allegedly manipulated market prices and fraudulently concealed them The two clients have sued Fidelity for spending heavily on protecting themselves after the SAR was filed. Lawyers at U.S. investment services firm Fidelity Brokerage Services LLC maintain ruling in the Federal Court of Appeals on Monday that the company could not be held liable in civil litigation simply by reporting to the U.S. financial regulator on suspicious stock transactions. Asked the US Supreme Court. Fidelity, pointed out to law firm Jones Day, is fighting to keep the judgment of the First Circuit Court of Appeal in April 2019 . Federal bank secrecy law provides immunity to financial institutions that have voluntarily and confidentially disclosed what is called a “suspicious activity report.” Such submissions, acronyms for “suspicious activity reports”, help federal authorities investigate potential financial fraud. Jones Day’s team, led by partner Shay Dvoretzky, will include AER Advisors Inc. and its customers, William J. Deutsch, chairman of Deutsch Family Wine & Spirits, and his son, CEO of the company. Peter Deutsch has challenged the Supreme Court’s petition filed in September. Deutsches and AER Advisors are represented by Howard Graff, Alent Fox’s General Counsel in New York.

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