When you lose a significant amount of money due to investment fraud or negligence, recovering damage from the responsible party can be essential. Most of the time, you will have to go through the FINRA arbitration process to secure the money you need. An experienced Michigan FINRA arbitration attorney can help you every step of the way.
At Meyer Wilson, we know the toll that losing a significant portion of your investment can take. Our experienced team of Michigan investment fraud lawyers will do everything in our power to get you the money you deserve. Get in touch today by phone or through this website to set up your free case evaluation with a member of our legal team.
What Is FINRA Arbitration?
FINRA arbitration is a type of alternative dispute resolution commonly used to settle disputes in the financial industry. The Financial Industry Regulatory Authority (FINRA) is a government-authorized, not-for-profit organization that works to hold brokerage firms accountable and ensure a fair marketplace.
Disputes that arise between investors and brokerage firms are commonly settled through FINRA arbitration. Meyer Wilson can help guide you through the process after you have been the victim of a wide range of investment misconduct, including:
- Unauthorized trading
- Asset allocation misconduct
- Breach of fiduciary duty
- Failure to supervise
- Broker negligence
FINRA arbitration is used as an alternative to a courtroom trial. Arbitration is generally more straightforward and takes less time than a trial. Furthermore, it tends to be much cheaper as both parties will incur fewer legal fees.
Attempting to recover damages through FINRA arbitration without the help of an experienced lawyer is unlikely to result in a positive outcome. There are complexities in the arbitration process, and you can be sure that your brokerage firm or financial advisor will have legal counsel if you sue them. Hiring a FINRA arbitration lawyer in Michigan can make all the difference.
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$350 Million for Our Clients Nationwide.
The Majority of Investment and Securities Fraud Claims Are Resolved Through FINRA Arbitration
When you invest your money with a brokerage firm, you will sign an investment agreement. This agreement will likely contain a clause that states that any disputes between you and the brokerage firm will need to be settled through FINRA arbitration.
Investment firms prefer FINRA arbitration over going to court for several reasons. However, the most prominent benefit is that they are able to keep the proceedings private. FINRA arbitration hearings are private, and the only document released from these proceedings is the final award.
An Experienced FINRA Arbitration Attorney Serving Michigan Can Help You Through the Process
Several rules and procedures must be followed during FINRA arbitration. These rules are established in the FINRA Code of Arbitration Procedure. In addition to guidelines for the process, this code also details the types of disputes that can be resolved through arbitration and what will need to be handled in another manner.
Filing a FINRA Arbitration Claim
The FINRA arbitration process will begin the moment you file your statement of claim with FINRA. A statement of claim is the most important document used in a FINRA arbitration case. Because of this, you will need to ensure that you hire an experienced lawyer to help you write it. The document will cover the details of the case and present your argument for compensation.
The statement of claim is the first impression the arbitrator or arbitration panel will have of your case. A FINRA arbitration attorney will h create a thorough document on your behalf that clearly explains what happened in your case and the damages you incurred. It will also show how the brokerage firm was responsible for your losses.
When you submit your statement of claim to FINRA, a filing fee is paid. All claims are filed online.. After you file your claim, the brokerage firm will be given 45 days to submit a written response.
FINRA Arbitration Hearings
The exact process used in your FINRA arbitration will depend on the amount of money you are seeking to recover. If your claim is under $50,000, a single arbitrator will make a ruling in your case. They will make their decision based solely on the written statement of claim and response without a hearing.
Claims that range from $50,000 to $100,000 are generally also decided by a single arbitrator. However, in these cases, a hearing will be held, where each side will present evidence and witnesses will give testimony. For claims of greater than $100,000, a three-arbitrator panel is standard, and the final ruling is decided by a majority vote.
The total amount of time you will typically have to wait for a final decision after filing your statement of claim is usually between 12 and 16 months. During this time,, your lawyer will prepare your case. The actual hearing usually lasts three to five days, although it can take weeks.
FINRA Arbitration Rulings
A FINRA arbitration ruling is legally binding and is usually not eligible for appeal. Once the arbitrator or arbitration panel has made their decision about your case, FINRA will issue a formal award document with information about the ruling, including:
- The names of the involved parties
- A description of each of the claims and the defenses presented
- Who prevailed in each claim
- The amount awarded to the claimant or an order of dismissal of all claims
If you win your case, the brokerage firm will need to pay you the money they owe within 30 days. If they miss this deadline, your lawyer will petition the court to suspend their brokerage license. Your attorney will then move to secure the money you are owed through an attachment levy or garnishment proceedings.
Our lawyers are nationwide leaders in investment fraud cases.
Secure the Services of an Experienced FINRA Arbitration Attorney Today
After losing money because of investment fraud or negligence, the best way to ensure you recover the money you need is by hiring an experienced Michigan FINRA arbitration lawyer. At Meyer Wilson, we have been helping investors for over 25 years and have secured $350+ million on behalf of our clients.
Contact us by giving us a call or through our website to set up your free initial case consultation today.
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