Experiencing losses in your investment portfolio due to your financial advisor’s negligence can be a distressing experience. This breach of trust significantly affects your and your family’s overall well-being. However, a Massachusetts FINRA arbitration lawyer will help you get compensation.
Our law firm only handles cases involving investment fraud and misconduct. Meyer Wilson has successfully resolved many claims through arbitration, securing over $350 million for clients. You can trust our Massachusetts investment fraud lawyers to represent your best interests. Call us today for a free case evaluation.
What Is FINRA Arbitration?
The Financial Industry Regulatory Authority (FINRA) is an independent entity that oversees exchange markets and brokerage firms in the United States. Its primary mission is to protect investors by ensuring fairness in the securities industry.
Our team of experienced investment fraud lawyers has handled many types of FINRA arbitration cases, such as:
- Misrepresentation
- Failure to supervise
- Unauthorized trading
- Breach of fiduciary duty
- Fraud
- Ponzi schemes
Arbitration helps settle disagreements between investors, brokerage firms, and investors without needing to go to court. It’s usually faster and less complicated than regular legal procedures.
In FINRA arbitration, a group of arbitrators or a neutral third-party arbitrator listens to both sides, looks at the evidence, and makes a decision about the issue presented. This decision is binding, meaning it must be followed.
Going through arbitration without professional legal support can be overwhelming. Our experienced Massachusetts FINRA arbitration lawyers can make the process easier for you and improve your chances of a favorable outcome.
Most Investment Misconduct Claims Are Resolved Through FINRA Arbitration
When you open a brokerage account, it is common to agree to resolve any disagreements through FINRA arbitration rather than filing a lawsuit. The agreement you sign describes the arbitration process in detail, but our lawyers will also go over your options.
Arbitration’s popularity within the securities industry is due to its benefits for both parties. Investors find it more effective than going to court, while financial advisors prefer it for privacy reasons. The hearings stay private; only information regarding the award becomes available to the public.
Our Massachusetts FINRA Arbitration Lawyers Will Help You Navigate the Process
The FINRA Code of Arbitration Procedure outlines the process. The document describes what types of disputes qualify and the steps involved in filing a claim. Meyer Wilson can explain in detail how this Code applies to your claim.
The Code also covers the selection of arbitrators, providing guidelines for choosing impartial and qualified individuals to oversee the case. FINRA maintains a diverse pool of arbitrators, which includes individuals with various professional backgrounds.
Filing the Arbitration Claim
Filing a Statement of Claim starts the arbitration process. This crucial document outlines the events and explains why you are seeking compensation. For the arbitrators, this document will be the first impression of the case.
To increase your chances of a successful outcome, we make sure that your statement is accurate, clear, and comprehensive. Our FINRA arbitration attorneys serving Massachusetts provide the arbitration panel with a complete picture of your situation, detailing the reasons you deserve compensation.
To initiate the arbitration, you must submit your Statement of Claim and the required filing fee online through FINRA’s Dispute Resolution Portal. This platform streamlines the filing process so your claim is promptly and safely submitted. Once your claim is filed, the brokerage firm or individual broker you are disputing against has 45 days to respond.
Attending the Hearing
The type of claim influences the arbitration process. Claims under $100,000 are typically categorized as small claims, and a single arbitrator generally oversees the proceedings.
Arbitration is often simplified if a claim is below $50,000. In this case, the decision is made solely on written statements and responses without a hearing. This approach can speed up the resolution and reduce costs.
For claims higher than $50,000 or $100,000, an arbitration hearing is usually required. During these hearings, witnesses provide testimonies and present evidence, allowing a more detailed examination of the case. When a panel of arbitrators is involved, the outcome is determined by a majority vote.
The duration of the arbitration process can vary significantly based on the specifics of each case. On average, it may take approximately a year or longer from the initial filing of documents to the final resolution. Smaller claims, especially those handled by a single arbitrator and based on written submissions, might be resolved within days or weeks.
Receiving a Binding Decision
Once the arbitrator or arbitration panel renders the decision, it is generally considered final and binding. Following the decision, the arbitrators, along with FINRA administrative staff, draft an award document with the key findings and directives of the arbitration process.
The award document has information about the following:
- The claims and defenses
- The parties involved
- Which party was successful
- The amount to be paid or if the claim was dismissed
If you win, the negligent financial advisor must pay the arbitration award within 30 days. However, if they fail to comply, your attorney has recourse to seek further action. This may include petitioning for the suspension of the brokerage firm’s license as a means of compelling compliance.
Call an Experienced FINRA Arbitration Attorney Serving Massachusetts Today
Partner with an experienced Massachusetts FINRA arbitration attorney to increase the value of your claim. By working with Meyer Wilson, you have a better chance of winning and recovering a higher amount. Since we only handle investment misconduct and fraud cases, we know how to navigate the system effectively.
We have served thousands of clients and helped them protect their financial interests. Let us help you, too. Contact us today to discuss your options for holding a negligent brokerage firm or financial advisor accountable.