Bank of Oklahoma, NA v. Estes

The 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. View "Bank of Oklahoma, NA v. Estes" on Justia Law