When an investor believes that a broker or brokerage firm handling their money has acted inappropriately, they can pursue compensation from the liable party. It’s important to understand that the majority of investment fraud cases are resolved through arbitration. The Financial Industry Regulatory Authority (FINRA) is the governing body for pursuing arbitration.
At Meyer Wilson, we can help fight for your right to compensation through arbitration. Our team of experienced investment fraud lawyers has a long history of working on behalf of investors and has secured over $350 on behalf of our clients. Reach out to us today by giving us a call or using our online contact form and schedule your free consultation.
Steps to Take When Filing for Arbitration With FINRA
When filing against a financial advisor, broker, or brokerage firm, you will first submit a Statement of Claim with FINRA. This statement needs to provide details about the context of the dispute, including a variety of details like:
- The names of all involved parties
- Relevant dates for any evidence
- The type of damages being requested
Additionally, a claimant must also file a Submission Agreement and pay all the necessary filing fees.
After all filing requirements have been met, FINRA will serve the party the claim is being made against with the Statement of Claim. In the event that there is missing information needed to process the claim, FINRA will notify the claimant and give them the opportunity to provide the missing information.
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The Majority of Investment Disputes Are Resolved Through Arbitration
Arbitration is the first option for resolving any dispute between an investor and a financial broker or brokerage firm. Arbitration is a method of alternative dispute resolution where two parties or more present their arguments to an independent arbitrator or a panel of arbitrators. These arbitrators weigh all the facts presented and make a legally binding decision about the case.
FINRA helps set up the forum for resolving a dispute through arbitration but plays no part in deciding the outcome of a case. The Securities and Exchange Commission (SEC) provides rules for how arbitration regarding securities is carried out.
Arbitration provides an efficient method of resolving disputes that is usually faster than going to court. Unlike mediation, which is another form of alternative dispute resolution, the decisions of an arbitration panel are legally binding. Furthermore, if you pursue arbitration, you will be blocked from pursuing the same claim through a lawsuit with the court.
Appeals Are Only Allowed on a Limited Basis
In most cases, the decision reached by an arbitration panel is binding and final. Appealing the ruling to the court is only available on an extremely limited basis. That’s one of the reasons why it is critical that you speak to an experienced investment fraud lawyer before taking further steps on your case.
When you hire an attorney, they can help identify all your legal rights and ensure you understand your options moving forward. If you receive a negative decision about your case during arbitration, your lawyer can determine whether you have the right to file an appeal or not.
Typically, appeals are only permitted if a procedural error is made during the arbitration process.
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How an Investment Fraud Lawyer Can Help
When you hire an investment fraud attorney to help with your case, they will begin by investigating the details of your claim and determining who is liable for your losses. They will then determine the best option for pursuing compensation and ensure you are aware of the process.
Your lawyer will then build your case and prepare to present arguments on your behalf before an arbitrator or court. Your attorney will also likely engage in settlement negotiations with the opposing legal counsel throughout the process.
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The Cost of Hiring an Investment Fraud Lawyer
People often shy away from hiring an attorney to help with their cases. This is especially true when resolving a dispute through arbitration rather than taking a claim to court. The main reason people choose to represent themselves is because of the false idea that they can not afford to hire a lawyer.
However, the truth is that most investment fraud lawyers work on a contingency fee basis, which means that they don’t recover compensation unless you win your case. If they fail to secure compensation on your behalf, you will not have to pay your attorney for their services.
Because of this and the fact that claimants who hire an attorney make far more money on average than those who represent themselves, failing to hire a lawyer will likely cost far more than hiring legal representation.
Get Started on Your FINRA Arbitration Today
Acting quickly after discovering that you were the victim of investment fraud is the best way to ensure you recover the compensation you need and deserve. At Meyer Wilson, we have a proven track record of winning big for our clients. Our award-winning team has over 75 years of combined experience helping fraud victims recover damages.
Contact us today by phone or through our website to schedule a free case review with a member of our legal team.
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