Bank of Oklahoma, NA v. Estes, No. 18-15369 (9th Cir. 2019)
Annotate this CaseThe Ninth Circuit reversed the district court's denial of the Bank's motion for a preliminary injunction against arbitration by FINRA. The panel held that the Bank was likely to succeed on the question of whether the Bank or its Corporate Trust Department (CTD) was a municipal securities dealer and therefore subject to compelled arbitration before FINRA under MSRB Rule G-35. The panel held that neither the CTD or the Bank was a "municipal securities dealer" as defined in the Securities and Exchange Act of 1934. Accordingly, the panel remanded for further proceedings.
Court Description: Arbitration / Preliminary Injunction The panel reversed the district court’s denial of plaintiff BOKF’s motion for a preliminary injunction against arbitration by the Financial Industry Regulatory Authority and remanded for further proceedings. BOKF was a federally chartered bank. Its Institutional Investment Department was registered as a municipal securities dealer with the Municipal Securities Rulemaking Board (“MSRB”), but its Corporate Trust Department (“CTD”) was not. The panel held that BOKF was likely to succeed on the question of whether BOKF or its CTD was a municipal securities dealer and thus subject to compelled arbitration before FINRA pursuant to MSRB Rule G-35. Applying the definition of a dealer in the Securities Exchange Act of 1934, the panel concluded that neither the CTD nor BOKF was a municipal securities dealer. The panel therefore reversed the
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