Photo of David Picon

David A. Picon is a seasoned litigator who has tried dozens of cases in various tribunals for financial services firms and public and private companies. David represents clients in complex commercial disputes in a wide range of matters, including complex securities issues, commodities and derivatives-related disputes, fraudulent transfer actions, alleged Ponzi schemes, and contract and employment-related disputes.

A member of the Commercial Litigation and Securities Litigation practices, David appears in numerous judicial and administrative forums in investigations brought by the SEC, FINRA and other regulatory bodies for financial services firms. He also has broad experience in large chapter 11 cases, representing debtors, as well as creditors and statutory committees. Additionally, David has substantial counseling experience in general commercial disputes.

David is a frequent speaker on matters related to the financial services industry and the co-author of “Broker-Dealer Litigation and Arbitration,” Chapter 86 of the multi-volume treatise, Commercial Litigation in New York State Courts.

David also serves on the boards of The Harlem School of the Arts and JVS of Metrowest.

David is the chair of the Firm’s Billing and Collections Committee, and a member of the Firm’s Hiring Committee and Pro Bono Committee.

Today, the U.S. Department of Labor will release its highly-anticipated Final Rule and Exemptions addressing when a person providing investment advice with respect to an employee benefit plan or individual retirement account is considered to be a “fiduciary” under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code.  According to a Fact Sheet released in advance of the new rule’s publication, the “DOL has streamlined and simplified the rule to minimize the compliance burden and ensure ongoing access to advice, while maintaining an enforceable best interest standard that protects savers.”  According to the Fact Sheet:

  • The rule requires more retirement investment advisers to put their client’s best interest first, by expanding the types of retirement advice covered by fiduciary protections
  • The rule clarifies what does and does not constitute fiduciary advice
  • The exemptions will allow firms to accept common types of compensation – like commissions and revenue sharing payments – if they commit to putting their client’s best interest first
  • The rule and exemptions ensure that advisers are held accountable to their clients if they provide advice that is not in their clients’ best interest