After investing your money with a brokerage firm and suffering significant financial losses, recovering damages from the responsible party can be vital. You will likely have to go through FINRA arbitration in order to recover the money you need. An experienced Florida FINRA arbitration attorney can guide you through the process and help you collect damages.
At Meyer Wilson, we know how difficult it can be for victims of investment fraud or negligence to get back on firm financial footing. Our experienced team of Florida investment fraud lawyers serving Florida has a proven track record of winning cases for our clients over the last 25 years. Reach out to us today to set up your free, no-obligation case consultation with an attorney from our firm.
What Is FINRA Arbitration?
FINRA arbitration is the most common form of alternative dispute resolution used in the financial industry to settle complaints. The Financial Industry Regulatory Authority (FINRA) is a not-for-profit organization with authorization from the U.S. government to help hold brokerage firms accountable for their actions and ensure a fair marketplace that protects investors.
Most of the disputes that arise between investors and the brokerage firms handling their money are resolved through FINRA arbitration. Our experienced team can help you get the money you need when facing a wide range of problems, including:
- Breach of fiduciary duty
- Broker negligence
- Asset allocation misconduct
- Failure to supervise
- Unauthorized trading
FINRA arbitration serves as an alternative to going to court to resolve a dispute. Arbitration tends to be a more efficient and quicker method of resolving a complaint. Additionally, there are typically fewer case costs and expenses incurred in arbitration rather than in court.
Attempting to recover damages through FINRA arbitration without the help of a lawyer is unlikely to result in a positive outcome. The arbitration process can be complex, and you can expect your brokerage firm or financial advisor to have experienced legal counsel. Securing the services of a FINRA arbitration attorney from Meyer Wilson serving Florida f can significantly improve your odds.
The Majority of Investment and Securities Fraud Cases Are Resolved Using FINRA Arbitration
When you sign an investment agreement with a brokerage firm, it will likely include language stating that any disputes arising between investors and the firm will need to be settled through FINRA arbitration.
Financial institutions greatly prefer to resolve disputes in this manner for a number of reasons. The most significant appeal of using this route is that the proceedings of FINRA arbitration are far more private than a trial in a courtroom. These hearings are private, and the only document that will be released to the public is the final award.
An Experienced FINRA Arbitration Attorney Serving Florida Can Help You Throughout the Process
The rules and procedures of FINRA arbitration are established by the FINRA Code of Arbitration Procedure. In addition to establishing the process for arbitration, this code also outlines the type of disputes that can be resolved through FINRA arbitration and which complaints will need to be handled in another manner.
Filing a FINRA Arbitration Claim
The FINRA arbitration process begins the moment you file your statement of claim with FINRA. The statement of claim is the most important document in any FINRA arbitration case. Because of the importance of this document, hiring an experienced lawyer to help you draft it is critical. This document will detail the specifics of your case and show why you deserve compensation.
A statement of claim will be the first impression an arbitrator or arbitration panel will have of a case they are overseeing. A FINRA arbitration attorney can help ensure your claim is well crafted and conveys all the information needed to give the arbitrators a clear picture of your losses and the role the brokerage firm played.
When filing a statement of claim with FINRA, there is a filing fee that must also be paid. The claim is filed online through FINRA.. Once you have submitted your claim, the brokerage firm will be given 45 days to submit their written response.
FINRA Arbitration Hearings
The amount of money you are seeking in your claim will affect how FINRA arbitration is conducted. If filing a claim of under $50,000, you can expect a single arbitrator to handle your case. There will be no hearing, and they will base their decision solely upon the written statements submitted by both parties.
Claims of $50,000 to $100,000 are also typically handled by a single arbitrator. However, in these cases, there is a hearing where witness testimony is given and evidence is presented. For claims greater than $100,000, a three-arbitrator panel is typically used, and a majority vote will decide the final ruling in your case.
The total time for FINRA arbitration from the moment you file your statement of claim until you receive a decision from the arbitrator is generally between 12 and 16 months. During this time,t, your lawyer will build your case. Arbitration hearings last three to five days in most cases but can take weeks.
FINRA Arbitration Rulings
FINRA arbitration rulings are legally binding, and most of the time, there is no option for appeal. Once the arbitrator or arbitration panel has made their ruling, a formal award document will be issued with the following information:
- Names of the parties involved
- A description of each claim and the defenses presented
- Who prevailed in each claim
- The amount to be awarded to the claimant or an order of dismissal of all claims
If your lawyer successfully wins your case, the brokerage firm will be required to pay you the money they owe within 30 days. If they do not pay in time, your lawyer will file a petition with the court to have their brokerage license suspended. They will then take steps to get you your money through garnishment proceedings or an attachment levy.
Get Help From an Experienced FINRA Arbitration Lawyer Serving Florida Today
After losing money due to investment fraud or negligence, the best thing you can do to improve your chances of recovering favorable compensation is to hire an experienced FINRA arbitration lawyer serving Florida. At Meyer Wilson, our award-winning team has recovered more than $350 million for our clients.
Contact us by filling out our online contact form or giving us a call and schedule your free initial case review today.