Broker Dealer Defense

Multiple Successful Defenses of Independent Broker Dealer

Anthony Ostlund has successfully defended Berthel Fisher across the country in claims totaling tens of millions of dollars, allowing it to survive and thrive after the 2008 economic crash

These were truly ‘bet the company’ cases.  Hundreds of millions of dollars had been lost and hundreds of investors sought recovery from their broker dealers.  It was important to demonstrate that Berthel Fisher was able to try these cases to conclusion.  It was even more important to demonstrate that we were able to win.  Having established that Berthel Fisher was willing and able to win these cases, we were able to obtain favorable settlements with other claimants, and as a result Berthel Fisher continues to be a very successful independent broker dealer serving its many customers across the country.”

–-Vince Louwagie, Attorney for Berthel Fisher

Client Issue

After the economic crash of 2008 and 2009, independent broker dealer Berthel Fisher was hit with an onslaught of lawsuits and arbitrations, many of which related to the failure of a real estate enterprise named DBSI.  At issue in many of those claims was losses on investments in private placements of tenant-in-common interests in real estate known as TIC’s.  A TIC is a type of real estate investment in which a group of investors own a piece of real estate together.  Over half of the broker dealers selling TIC's sponsored by the now defunct DSBI are no longer in business.  Berthel Fisher’s customers were the largest investors in DBSI.

DBSI filed for chapter 11 bankruptcy following the market crash in 2008. The CEO of DBSI and three top executives were convicted of criminal conspiracy and securities fraud.

The claims against Berthel Fisher exceeded its net capital many times over, so proper handling of the cases was essential to Berthel Fisher’s ability to serve its customers.  

The Anthony Ostlund Approach

Anthony Ostlund represented Berthel Fisher across the country in defending claims totaling tens of millions of dollars.  

Results Achieved 

Many claims were settled on satisfactory terms; others were successfully tried to conclusion with awards in Berthel Fisher’s favor.

Client Testimonial 

"At Berthel Fisher & Co. our nationwide operations in the Financial Services business make it necessary for us to have a law firm with tremendous resources working with us to support those efforts.  Working with Vince Louwagie and his associates at Anthony Ostlund Baer & Louwagie for over 20 years has been beneficial to our growth and stability. As the Securities Industry gets more and more complex, we expect the expertise they continue to offer our team will be important to our continued growth and prosperity."  - Tom Berthel of Berthel Fisher & Company

Berthel Fisher & Co. Financial Services Inc. cases relating to DBSI