US Securities and Exchange Commission v. Dean Patrick McDermott et al.
Marti P. Murray testified before the US District Court for the Eastern District of Pennsylvania on behalf of the Securities and Exchange Commission (SEC). The SEC accused investment advisory firm McDermott Investment Advisors, LLC, of breaching fiduciary duties owed to its advisory clients by selecting unit investment trusts (UIT) that carried significant transactional charges when another version of the same UIT was available without those costs. The jury ruled in favor of the SEC.
This was one of a series of jury trials in which Ms. Murray testified as an expert in industry custom and practice for investment advisors on behalf of the SEC on issues relating to investment adviser fiduciary duty, disclosures, and conflicts of interest; the SEC has prevailed in each trial.