Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm News
Author: Scarinci Hollenbeck, LLC
Date: August 7, 2013
The Firm
201-896-4100 info@sh-law.comLyndhurst, New Jersey, August 7, 2013: Scarinci Hollenbeck is pleased to announce that the firm’s litigation department, lead by Co-Chair and Partner successfully achieved a unanimous decision in Hirsch v Amper Financial Services Opinion, from the New Jersey Supreme Court today, on behalf of clients Michael and Robyn Hirsch.
This morning, the Supreme Court issued a unanimous decision reversing both the Trial Court’s and the Appellate Division’s determinations that the Hirschs were required to submit their claims against the defendants, Amper Financial Services, LLC and EisnerAmper LLP, to an arbitration panel instead of a jury.
This decision to allow a person or entity to maintain the right to a jury trial marks a strong precedent in New Jersey for future arbitrated cases.
The Hirschs had invested $3.4 million with Amper Financial Services LLC, the investment arm of the EisnerAmper accounting firm. The investments were to be handled conservatively. Instead, $550,000 was placed into securitized notes issued by Medical Provider Financial Corporation (Med Cap). Med Cap was later deemed to be a Ponzi scheme and closed by the SEC. The Hirschs lost their entire $550,000 investment.
Amper Financial utilized Securities America, Inc. (SAI), as the broker to purchase the notes. The Hirschs were required to sign an agreement with SAI, which contained a clause stating that any disputes between the Hirschs and SAI were to be arbitrated.
When the Hirschs lost their investment, they brought an arbitration claim against SAI, but sought a jury trial against Amper Financial and EisnerAmper. The Hirschs filed a claim against the Amper entities arguing that charging a fee based on the amount of money under management, as well as receiving commission from SAI, constitutes a breach of fiduciary duties. This is also a violation of New Jersey Securities Law.
Further, the claim states that the Amper entities were paid to perform independent research on their financial investments, but instead sought advice solely from SAI. However, the Trial Court and the Appellate Division ruled that the Hirschs’ claims against the Amper entities had to be presented in the same arbitration as those against SAI. Today, the Supreme Court reversed those rulings, disagreeing with the rationale used by the lower courts to require arbitration.
The Hirschs’ claims will now be presented in public to a jury instead of a closed and private arbitration. This decision is strong precedent that non-signatories to an arbitration agreement may not be denied access to the courts except in very limited circumstances. That right and the right to a jury trial may not be abrogated unless explicitly waived.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Scarinci Hollenbeck Partner Nathanya G. Simon named by ROI-NJ to the “ROI Influencers: Women in Business” list for fourth consecutive year Scarinci Hollenbeck Partner Nathanya G. Simon has been named by ROI-NJ to the “ROI Influencers: Women in Business” list for 2025. After four decades of practice, Nathanya’s pioneering influence in the field of special […]
Author: Scarinci Hollenbeck, LLC
Congratulations Angela Turiano on appointment as Director of Legislative Affairs for SHRM Princeton April 17, 2025 – Little Falls, NJ – Scarinci & Hollenbeck, LLC congratulates Partner Angela Turiano on her appointment as Director of Legislative Affairs for SHRM Princeton. Along with serving as a member of SHRM Princeton’s leadership team, Angela will monitor pending legislative, regulatory, […]
Author: Scarinci Hollenbeck, LLC
Congratulations Brittany P. Tarabour for Nomination as Three-Year Trustee of the Monmouth Bar Association Red Bank, NJ – April 9, 2025 – Scarinci & Hollenbeck, LLC proudly congratulates Brittany P. Tarabour on her nomination by the Monmouth Bar Association to serve as a Three-Year Trustee. Founded in 1908, the Monmouth Bar Association is dedicated to […]
Author: Scarinci Hollenbeck, LLC
Scarinci Hollenbeck Partner Ron Bienstock Featured on Bloomberg Law Podcast to Discuss Dua Lipa Copyright Infringement Lawsuits Little Falls, NJ – April 8, 2025 – Scarinci & Hollenbeck, LLC Partner and Chair of the firm’s Intellectual Property and Entertainment & Media departments Ronald S. Bienstock was recently featured on the Bloomberg Law podcast to discuss […]
Author: Scarinci Hollenbeck, LLC
Scarinci Hollenbeck Attorneys From Little Falls and Red Bank Named to 2025 New Jersey Super Lawyers List Little Falls, NJ – April 2, 2025 – Scarinci & Hollenbeck, LLC attorneys from both NJ offices were named to the 2025 New Jersey Super Lawyers and Rising Stars list. Each attorney was chosen in recognition of their […]
Author: Scarinci Hollenbeck, LLC
Little Falls, NJ – March 26, 2025 – Scarinci & Hollenbeck, LLC is pleased to announce that Daniel T. McKillop, Partner and Chair of the firm’s Cannabis Law practice group, will be recognized by the Patriots’ Path Council of Scouting America at the 2025 Legal Services Awards Reception, which will be held on Wednesday, April […]
Author: Scarinci Hollenbeck, LLC
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!