The Clearing House Association, together with other trade associations, filed an amicus brief with the New York Court of Appeals in Assured Guaranty (UK) Ltd. v. J.P. Morgan Investment Management. In this case, the Appellate Division, with the support of the N.Y. A.G., ruled that the Martin Act does not preempt common-law negligence claims against investment advisors, while in the past courts have ruled that such claims are preempted. TCH’s brief argues that the court should not depart from decades of prior judicial decisions and that allowing the Martin Act to preempt private non-fraud common-law tort claims in the securities context reflects sensible policy. On December 20, the New York Court of Appeals issued a decision in this case upholding the plaintiff’s right to sue an investment advisor for breach of fiduciary duty, gross negligence, and breach of contract.