When pursuing Financial Industry Regulatory Authority (FINRA) arbitration to resolve a dispute with your financial advisor or brokerage firm, you will submit a Statement of Claim. The State of Claim is the initial document you will submit to FINRA when pursuing a claim through arbitration that states all the important details of your case.
At Meyer Wilson, we understand how critical a Statement of Claim can be to your case. We can help you compose your statement of claim and ensure that it contains all the necessary information to give you the best possible chance of recovering the money you need and deserve. Contact us today to set up a free case evaluation with one of our investment fraud lawyers.
What Information does a Statement of Claim Contain
Your FINRA arbitration Statement of Claim should include important information about your case. The details that should be contained in this document include:
- The name of the person filing the claim
- The name of the party the claim is being filed against
- Details about the dispute
- Any relevant dates
- The types of relief requested, including but not limited to actual monetary damages
If you mention any documents in your Statement of Claim that support your claim, they should be submitted along with the Statement of Claim.
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The Importance of a Statement of Claim
When filing for FINRA arbitration, the Statement of Claim is the single most important document in your case. When an arbitrator is assigned to your case, their first impression will be based on your Statement of Claim. It’s critical that you present strong evidence of your losses and a compelling argument regarding why you deserve compensation from the liable party.
The importance of a Statement of Claim is amplified in smaller claims. If you are filing a claim for less than $50,000, your case will be decided by a single arbitrator, and they will make their decision based solely on your Statement of Claim and the response submitted by the party you are filing the claim against.
An experienced FINRA arbitration lawyer can help you complete your Statement of Claim, ensuring that it includes all the necessary information to help you secure a favorable outcome for your case. They will help you collect all the supporting documents and file your Statement of Claim with FINRA.
Other Things to Include Along With Your Statement of Claim
When filing your FINRA arbitration claim, your Statement of Claim isn’t the only document you will need to submit. Along with your Statement of Claim, you will also need to file a Submission Agreement.
The Submission Agreement is a form you will need to sign and date that states your acknowledgment and understanding of FINRA’s rules and your agreement to abide by the decision of the arbitrator or arbitration panel in your case. It’s important to remember that rulings in FINRA arbitration cases are legally binding.
When submitting your Statement of Claim, you will also need to pay a filing fee based on the total amount you seek.
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How to Submit a Statement of Claim
When filing a FINRA arbitration claim, you will need to use FINRA’s Dispute Resolution (DR) Portal. Once your Statement of Claim has been received through the portal, your case will be assigned to a regional office, and FINRA will provide you with a case number.
FINRA will also inform you of the staff member assigned to your case at this point, and you will be able to direct any questions you may have about your claim to them.
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How Long do I Have to Submit a Statement of Claim?
When you discover that you have suffered losses to your investment due to investment fraud or investor misconduct, it is important to get started on your case as soon as possible. Code of Arbitration Procedure Rule 12206 gives claimants six years from the event that caused a claimant to seek compensation to submit their Statement of Claim.
However, depending on the particulars of your case, you may find that other time limitations apply to your case that impact the amount of time you have to file your claim. The deadline for pursuing a case in your specific situation may be longer or shorter.
Additionally, hiring an experienced investment fraud lawyer as soon as possible will put them in the best position to build a strong case on your behalf.
Filing a Statement of Claim for FINRA Arbitration Is Necessary for Resolving Most Investment Disputes
When you invest your money with a financial advisor or brokerage firm, you will sign an investment contract. One of the clauses in this contract will likely state that any disputes that may arise will need to be resolved through FINRA arbitration.
FINRA arbitration can be in the best interests of all parties. By filing a Statement of Claim and going through arbitration rather than taking your case to court, you may be able to recover money more quickly than would be possible through a courtroom trial.
Meanwhile, financial advisors and investment firms tend to appreciate the privacy afforded by FINRA arbitration as opposed to a public trial.
Get Help from an Experienced Investment Fraud Lawyer Today
Having an experienced investment fraud attorney help you complete and file your Statement of Claim for FINRA Arbitration is the best way to improve your chances of winning your case and recovering the money you need and deserve. At Meyer Wilson, we are well aware of what should be included in a Statement of Claim to get your case started on the right foot.
Contact us today by phone or through our website to set up a free case review with a member of our legal staff.
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