Who can apply? 2Ls and 3Ls
Required Prerequisite Course(s): Any one of the following courses: Securities Regulation, Broker-Dealer Regulation, Introduction to Investment Law and Practice, Hedge Funds, or Corporations (concurrent enrollment in the IJEC and any of the above mentioned courses is not permitted)
Is this program year-long or semester-long? Semester long with option to enroll as an “advanced” student in a second semester, with the professor’s approval.
How many credits? 4
The Investor Justice and Education Clinic (“IJEC”) officially opened in Fall 2010 as the winner of a generous grant from the FINRA Investor Education Foundation, Inc. Students who successfully complete the basic IJEC course have the opportunity to enroll in the IJEC for an additional semester as an advanced student.
The IJEC is generally open to a maximum of 10 students per semester. In order to enroll in the IJEC, students must submit an application, be interviewed by the Supervising Attorney, and be accepted into the IJEC by the Supervising Attorney or CLC Director. In order to qualify for the IJEC, students must successfully complete a pre-requisite course, or take a co-requisite course, in Securities Regulation, Broker-Dealer Regulation, Introduction to Investment Law and Practice, Hedge Funds, or Corporations. We recommend that students take courses in evidence, trial advocacy, accounting for lawyers, and alternative dispute resolution to prepare for the work of the IJEC. IJEC combines classroom instruction with legal work on actual investor cases. Students attend two hours of classroom instruction per week to help provide them with the knowledge of the financial markets, investor protection laws and regulations, and securities arbitration and mediation process to successfully advise and represent investors and pursue investor claims against their securities brokers and financial professionals.
The instruction includes topics such as the regulation of securities under the Securities Acts of 1933 and Securities Exchange Act of 1934; the regulation of securities broker-dealers by the Financial Industry Regulatory Authority (“FINRA-DR”) and the Securities and Exchange Commission; how to analyze investor documents, including securities account statements and customer agreements, and recognize securities trading violations; the FINRA-DR Code of arbitration and mediation; securities portfolio theory and risk avoidance analysis and strategies; how capital markets and financial instruments work and interact; the purchase of complex financial instruments in the securities markets; and statutory and rule interpretation. Class instruction also involves case presentations, mock arbitration case practice, analysis of ethical, strategic and client representation issues, as well as litigation planning and skill development.
Students work on actual investor cases accepted by the Supervising Attorney, and do the following: interview investors by telephone and in person; conduct factual investigations; analyze investor and broker documentation; research legal issues; draft memoranda; determine if investors claims are eligible for FINRA-DR arbitration; determine theories of damages regarding investor monetary losses; draft FINRA-DR arbitration pleadings, including Statements of Claim, Requests for Documents and Information, Motions, Briefs, Subpoenas and Orders for production of documents and witness appearances at Hearings; conduct pre-Hearing conferences with Arbitrators and opposing counsel; and conduct settlement negotiations with opposing counsel.
The student’s education and training is augmented by guest speakers from FINRA-DR, and other financial and legal professionals. In addition, the IJEC visits important financial market institutions such as the New York Stock Exchange, where students receive onsite educational instruction from market professionals.
Additionally, students design, implement, and participate in at least one investor education and outreach program for the under-served investing community each semester. These programs are designed to provide investment education to the community by, among other things, conducting investment workshops and seminars to provide investors with a basic understanding of the financial markets and products, such as stocks, bonds, mutual funds, their rights as investors, and help them protect themselves from harmful investment schemes. These programs also inform the community of the free legal services offered by the IJEC. These programs also help the IJEC develop and leverage contacts and relationships with many community groups, faith-based organizations, educational institutions, government agencies, senior living organizations, fraternities, sororities, and other organizations. The IJEC conducts these programs at sites in the community, as well as at the Law School.