Overview
Hugh D. Berkson is a Principal attorney at McCarthy Lebit and focuses his practice in securities arbitration and litigation. After gaining extensive trial experience in both business and personal injury litigation, he began representing injured investors who lost money in the stock market or thanks to fraudulent conduct of financial advisors. Hugh tries and arbitrates investment cases and performs much of the required technical analysis. He works carefully with his clients as the case strategy develops because he believes that a close relationship allows the client to fully understand the value of their case and be able to make decisions accordingly. While Hugh prides himself on his ability to settle both small and large, complex cases, he has considerable experience taking cases to trial or arbitration with successful results.
Hugh obtained a business degree in Finance from the University of Texas at Austin and is a graduate of Case Western Reserve University School of Law, where he was a member of the Order of the Barristers and received both the American Jurisprudence Award (National Mock Trial) and the Jonathan M. Ault Mock Trial Prize. He later served as an Adjunct Professor at Case Western Reserve University School of Law, where he taught trial practice.
Hugh is the past President of the Public Investors Arbitration Bar Association (PIABA), an international legal association composed of practitioners who represent investors in disputes with the securities industry. He also served past terms as Vice President and Board of Directors of PIABA. Hugh regularly participates as both a moderator and panelist at PIABA’s national meetings and seminars and has been a panelist at the annual nationally simulcasted PLI Securities Arbitration Program in New York City, as well as the Ohio Securities Conference. He has served as a resource regarding important issues concerning American investors, and has been quoted by the Wall Street Journal, Investment News, On Wall Street, Financial Planning, Cleveland Plain Dealer, Pittsburgh Post-Gazette and other media outlets. Hugh maintains a Martindale-Hubbell® Peer Review rating of AV® Preeminent™.
Awards
- The Best Lawyers in America©, 2024
- Ohio Super Lawyers®, 2013-2023
- Martindale-Hubbell® Peer Review Rating of AV® Preeminent™
- Avvo Rating of 10.0 Superb
Affiliations
- Public Investors Advocate Bar Association, Immediate Past-President, 2022-2023
- Public Investors Advocate Bar Association, Past-Executive Vice-President
- Public Investors Arbitration Bar Association, Board of Directors, Director 2020
- Public Investors Arbitration Bar Association, Board of Directors, 2011-Present
- Public Investors Arbitration Bar Association, President, 2015-2016
- Cleveland Metropolitan Bar Association, Member
- Cuyahoga County Office of Alternative Dispute Resolution, Arbitrator
Articles
- "Despite Rule Change, Finra’s BrokerCheck Tags No ‘Restricted’ Firms," AdvisorHub, March 2024
- "Reg BI Enforcement Heats Up With $2.2M TIAA Fine," Financial Planning, February 2024
- "The Irony of Investment Advisers," McCarthy Lebit's The More Report, January 2024
- "LPL's $6M Fine May be 'Cost of Doing Business' or a Reg BI Warning," Financial Planning, January 2024
- "Securities Regulators Remove Safeguards: Heightened Risks for Investors," McCarthy Lebit's The More Report, December 2023
- "Judge Lets Finra Proceed with Enforcement Action Against Broker," InvestmentNews, October 2023
- "Finra Seeks to Limit Non-Lawyers From Representing Investors in Arbitration," AdvisorHub, October 2023
- "The SEC Must Take Action to Protect Investors From Forced Arbitration," Financial Planning, October 2023
- "Finra ‘Looks Forward’ to Defending Enforcement Authority in Court," InvestmentNews, August 2023
- "Broker Expungement? Costs and Difficulty Set to Rise This Fall” Financial Planning, August 2023
- "FINRA Adopts Reforms to Make it Tougher for Brokers to Clear Their Records," InvestmentNews, August 2023
- "FINRA's New Hurdles for Broker Expungements to Take Effect in October," AdvisorHub, August 2023
- "The Process for Resolving Advisor-Client Disputes Can Be a Black Box. This Group Wants to Change That," MSN, July 2023
- "Investment Victims Sound Alarm On 'Broken' RIA Arbitration System," Financial Advisor, July 2023
- "'Where is the Justice?' Investors Decry RIA Arbitration Clauses," Citywire RIA, July 2023
- "Lawyers Call for Regulators to Reel in RIAs’ Use of Forced Arbitration," Financial Advisor IQ, July 2023
- "PIABA Will Look to Congress if SEC Doesn't Act on Forced Arbitration," WealthManagement.com, July 2023
- "PIABA Asks SEC to Curtail RIAs’ Use of Mandatory Arbitration, Force Disclosure of Client Claims," AdvisorHub, July 2023
- "Investor Attorneys to Press SEC, Congress on RIA Arbitrations," Financial Planning, July 2023
- "The Process for Resolving Advisor-Client Disputes Can Be a Black Box. Piaba Wants to Change That," Barron's, July 2023
- "SEC Acknowledges JAMS Arbitration Issue, but Offers No Fix," InsuranceNewsNet, July 2023
- "Another Deadline, Another Amendment for FINRA's Remote Work Rule," Financial Planning, July 2023
- "Terry Savage: Fighting Your Financial Adviser Can Be Tough," Orlando Sentinel, July 2023
- "Terry Savage: Fighting Your Adviser," Tribune Content Agency, June 2023
- "SEC Report Highlights Concerns Over Mandatory Arbitration Clauses in Investment Advisor Contracts," ABS Market Research, June 2023
- “SEC Report on RIA Mandatory Arbitration Leaves Many Questions About Potential Investor Harm,” InvestmentNews, June 2023
- "SEC Report Raises Red Flags Around RIA Mandatory Arbitration," City Wire RIA, June 2023
- "SEC Has No Way to Track RIA Arbitration Stats, Unpaid Awards," Think Advisor, June 2023
- "SEC Report on Forced Arbitration Clauses Finds RIA Clients at Disadvantage," WealthManagement.com, June 2023
- "PRESS RELEASE: “Double Whammy For Investors”: PIABA Reacts To New SEC Report Commissioned By Congress On Injustice Of RIA-Forced Arbitration," PIABA, June 2023
- "'No Substitute' for In-Person? Industry Watchers Knock Remote Exams," Financial Advisor IQ, June 2023
- "FINRA Settles Rare Charge with UnionBanc Over Alleged Failure to Produce Documents in Arbitration Case," Thomson Reuters Regulatory Intelligence News, June 2023
- "House Advances Bills to Expand Accredited Investor Definition," Think Advisor, June 2023
- "PIABA Objects, Again, to Finra Remote Flexibility Proposal," AdvisorHub, May 2023
- "If Brokers Work From Home, Should Investors Know the Address?," Financial Planning, May 2023
- "Advisors Weigh Potential of 'Accredited Investor' Law to Open Access to Private Markets," Financial Planning, May 2023
- "House Committee Passes Bills Aimed at Expanding ‘Accredited Investor’ Pool," Financial Advisor IQ, April 2023
- "LPL Pays Almost $500K to Settle 'Clearly Erroneous' Complaints," Financial Planning, February 2023
- "Finra Proposes to Illuminate Arbitrator Selection Process," InvestmentNews, January 2023
- "Finra Tweaks Remote Inspection Proposal to Pacify Critics," AdvisorHub, December 2022
- "Ex-LPL Financial Advisor Charged with 23 Felonies in Elder Fraud Case," Financial Planning, December 2022
- "Advisor Group Firms to Pay GPB Investors Restitution for 7% Commissions," Financial Planning, December 2022
- "FINRA, State Regulators Battle Over Remote Office Proposal," AdvisorHub, November 2022
- "Investor Advocate Slams FINRA’s Proposed Rule on Residential Offices," Financial Advisor IQ, November 2022
- "PIABA: FINRA Rules on Residential Offices 'Fundamentally Flawed'," WealthManagement.com, November 2022
- "New PIABA President Looks Towards Investors’ Volatility Concerns," WealthManagement.com, November 2022
- "Putting on the REITs: Private Real-Estate Funds with Outsize Gains Attract Scrutiny," Financial Planning, November 2022
- "The Market, Brokers, and Advisors, Oh My," McCarthy Lebit's The More Report, August 2022
- "PIABA: Ga. Broker's Conduct is "Road Map" For Avoiding Arb Awards," WealthManagement.com, August 2022
- "The Market Is Down – The Securities Practice Is Busy, Right?," McCarthy Lebit's The More Report, July 2022
- "FINRA Arbitration's Persistent Unpaid Award Problem," PIABA Report, September 2021
- "Robinhood Service Outages Create Headaches - But There's a Cure," McCarthy Lebit's The More Report, July 2021
- "Robinhood May Be Liable If You Lose Money Based On Its Recommendations," McCarthy Lebit's The More Report, February 2021
- "Robinhood Restricts Purchases of GameStop, AMC, Other Securities - Do I Have a Claim?," McCarthy Lebit's The More Report, January 2021
- "My Broker Stole My Stock!," McCarthy Lebit's The More Report, December 2020
- "When is "Stay the Course" Code for "Please Don't Sue Me?," McCarthy Lebit's The More Report, March 2020
- "Unpaid Arbitration Awards: The Case For An Investor Recovery Pool," PIABA Report, March 2018
- "Automobile Loan Backed Securities: History On the Verge Of Repeating Itself," Stockmarketloss Blog, August 2017
- "Investors May Have Recovery Options When Investments Go Wrong," Smart Business Magazine, February 2017
- "BrokerCheck – the Inequality of Investor Access to Information Remains Unabated – An Update to PIABA’s March 2014 Report,” PIABA Report, October 2016
- “Unpaid Arbitration Awards: A Problem the Industry Created – A Problem the Industry Must Fix,” PIABA Report, February 2016
Presentations
- PIABA National Meetings and Seminars, Panelist and Moderator
- PLI Securities Arbitration Program, Panelist
- Ohio Securities Conference, Panelist
Practice Area(s)
Education
Admissions
United States Court of Appeals for the Sixth Circuit
U.S. District Court, Northern District of Ohio
U.S. District Court, Southern District of Ohio
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