Andrews v. Prudential Securities, Inc.
United States Court of Appeals for the Sixth Circuit
160 F.3d 304 (1998)
Relevant factsFree
After Andrews (plaintiff) and colleagues left Prudential (defendant), the SEC brought a complaint against Prudential over investment misrepresentations that clients specifically tied to their direct dealings with Andrews; Prudential settled by paying affected clients over $5,000 and then, as NASD rules required, filed a U-5 form naming Andrews in connection with that settlement, prompting his defamation suit.
IssueFree
Whether an NASD member must report the settlement of a complaint involving transactions by one of its brokers, in excess of $5,000, if the broker was not a party to the complaint.
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