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Andrews v. Prudential Securities, Inc.

United States Court of Appeals for the Sixth Circuit
160 F.3d 304 (1998)


The National Association of Securities Dealers (NASD) requires broker-dealers to complete a U-5 form once an employee ceases to work for the broker-dealer. This form inquires as to whether or not the member had entered a settlement for $5,000 or more involving the employee’s conduct, while employed with the member. Kyle Andrews (plaintiff) and several of his colleagues were employed with Prudential Securities, Inc. (Prudential) (defendant). After they had left the company, the Securities and Exchange Commission (SEC) brought a complaint against Prudential for misrepresenting several investments. The complaint was settled, with Prudential paying clients affected by the misrepresentation sums in excess of $5,000. Those affected by the misrepresentation complained of their direct dealings with Andrews and his colleagues at the time of said misrepresentation. Therefore, after the settlement, Prudential proceeded to file a U-5 as required by the NASD, naming Andrews and his colleagues in the form. Andrews then brought suit against Prudential alleging defamation, as he claimed that the statements on the form provided to the NASD were not true. The district court granted summary judgment to Prudential. Andrews then appealed to the Sixth Circuit Court of Appeals.

Rule of Law


Holding and Reasoning (Kennedy, J.)

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