Most people who pursue compensation through FINRA arbitration with an experienced lawyer by their side recover damages from the party responsible for their financial losses. In the majority of cases, this compensation is recovered through a settlement agreement rather than through a ruling by the arbitrator or arbitration panel.
If you suffered financial losses, the investment fraud team at Meyer Wilson can help you pursue compensation from the liable party. We have helped countless victims recover the money they need. Reach out to us today by phone or through our website to schedule a free case review with one of our investment fraud lawyers.
Most Investors Who Pursue Compensation Through Arbitration Recover Damages
The vast majority of people who file for FINRA arbitration to recover damages from a financial advisor, broker, or brokerage firm end up collecting compensation. The most recent available data from 2012 to 2016 shows that approximately 75% of those who filed a claim recovered damages.
However, the majority of those cases ended up settling before proceeding to an arbitration hearing. Only 18% of claims ended up being decided by an arbitrator or arbitration panel. Of those, over 60% of cases resulted in no financial award for the claimant.
The reasoning behind these numbers is that financial institutions tend to be quick to put disputes to rest unless they feel their case is strong enough to win. Because of the deep pockets of these companies, it is critical that you hire an experienced lawyer to help with arbitration proceedings.
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How an Investment Fraud Lawyer Can Help With Your FINRA Arbitration
With an experienced attorney by your side, you can feel confident that your case is in good hands. Your lawyer will investigate every aspect of your case to ensure they have all the evidence needed to build a strong case on your behalf. Your lawyer will work hard during negotiations to ensure you get the best deal possible.
If your case proceeds to an arbitration hearing, having a securities fraud lawyer represent you in front of the arbitration panel will significantly improve your chances of winning a favorable decision. You can expect the party responsible for your losses to have an expensive legal team representing their interests.
Your lawyer will present your case before the arbitration panel and prove how the misconduct of the financial broker or brokerage firm led to your financial losses.
The Cost of Hiring an Investment Fraud Attorney
Investment fraud victims sometimes initially refrain from hiring an attorney to help with their case due to a misconception that they can not afford legal representation. While many lawyers do charge an expensive retainer fee and a high hourly rate, investment fraud lawyers typically work on a contingency fee basis instead.
With a contingency fee pricing structure, anyone can afford to hire a lawyer. When you hire an attorney to help you pursue damages, you won’t have to pay a single penny until the conclusion of your case. At that point, you will pay a single fee assessed as a percentage of the money you recovered. If your lawyer fails to secure compensation on your behalf, you don’t pay anything.
Because of the way investment fraud lawyers charge their clients, coupled with the fact that winning a favorable judgment on a case that proceeds to an arbitration hearing can be difficult, failing to hire an attorney is likely going to cost you far more than paying for the services of an experienced lawyer.
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Navigating the FINRA Arbitration Process
While pursuing compensation through FINRA arbitration will likely result in a faster resolution to your case than if you were to go to court, it can still be a time-consuming and complicated process. Having an experienced lawyer by your side who knows what to expect and can help prepare you for what’s to come can be critical.
Steps in the arbitration process include:
- Submitting all the required documents for filing your claim
- Waiting for a response from FINRA
- Waiting for a response from the party against whom you brought the claim
- Selecting arbitrators to preside over your hearing
- Participating in a pre-hearing conference
- Sharing evidence and witness lists with the opposition during discovery
- Presenting evidence, interviewing witnesses, and arguing your case during the hearing
- Waiting for the decision from the arbitration panel
If your case ends up going to a hearing, it can take as much as a year and a half to reach a resolution. With an experienced lawyer by your side, you can rest assured that every step is being handled with care and on time. Your attorney will also participate in negotiations with opposing counsel to hopefully reach a quicker resolution to your case.
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Get Help from an Experienced Investment Fraud Lawyer Today
When pursuing a claim through FINRA arbitration, having an experienced investment fraud lawyer by your side can make all the difference. At Meyer Wilson, we have successfully recovered over $350 million on behalf of clients. Our experienced team has more than 75 years of combined experience helping clients throughout the area.
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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