Recovering compensation can be critical for those who suffer significant financial losses after entrusting their money to a financial advisor or brokerage firm. When pursuing damages in these cases, you need to understand that you will likely have to go through FINRA arbitration to get your money. An Ohio FINRA arbitration attorney can help you through the process.
At Meyer Wilson, we have a long history of representing clients during FINRA arbitration. Our experienced team of Ohio investment fraud lawyers will work tirelessly to ensure a favorable outcome for your case. Get in touch by giving us a call or completing our online contact form to schedule a free case evaluation with a member of our legal team today.
What Is FINRA Arbitration?
FINRA arbitration is the primary method by which investment disputes are resolved. The Financial Industry Regulatory Authority (FINRA) is a government-authorized, not-for-profit organization responsible for ensuring ethical conduct and fair play in the financial industry. FINRA works to protect investors and create fairness in the markets.
Disputes that arise between investors and the brokerage firms to which they have entrusted their money can be resolved through FINRA arbitration. Our experienced team tasked with handling FINRA arbitration cases in Ohio includes:
- Failure to supervise lawyers
- Broker negligence lawyers
- Unauthorized trading lawyers
- Breach of fiduciary duty lawyers
- Asset allocation misconduct lawyers
FINRA arbitration is a type of alternative dispute resolution. Arbitration offers a quicker means of resolving a dispute than going to court. Furthermore, it is more cost-effective as the litigation expenses incurred in a case that goes to arbitration rather than court tend to be significantly less.
Navigating the FINRA arbitration process on your own can be challenging, and you can expect the financial advisor or brokerage firm you are filing a claim against to have an experienced and sophisticated lawyer on their side. That’s why hiring an experienced Ohio FINRA arbitration attorney Ohio can prove so critical.
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An Experienced Ohio FINRA Arbitration Attorney Can Help You Through the Process
The FINRA Code of Arbitration Procedure outlines all the rules for how FINRA arbitration will be conducted. Most of the time, investors are bound to work within the FINRA arbitration process when pursuing compensation after signing an investment agreement with a brokerage firm. In this agreement, they waive their right to a trial with a judge or jury.
The FINRA Code of Arbitration Procedure establishes all the procedures and rules that must be followed during the arbitration process. It also identifies the type of disputes that are eligible for the arbitration process and those that will need to be resolved by another method.
Filing Your Arbitration Claim
The arbitration process will begin as soon as you or your attorney file a statement of claim. A statement of claim is the most important document in your case, so it is critical that you take care when crafting it. This document will describe what happened in your case and outline why you deserve compensation.
A statement of claim is the first impression the arbitrators will get of your case. An experienced Ohio FINRA arbitration lawyer will work to ensure that your statement of claim is clear and concise and that it provides a full and accurate picture of why you deserve compensation.
The filing fee is submitted along with your statement of claim to begin the arbitration process. The claim is filed online.. Once you have submitted your statement of claim, the brokerage firm will have 45 days to submit a response.
FINRA Arbitration Hearings
The process by which your FINRA arbitration will be conducted will depend on the amount you are seeking in your claim. Claims under $50,000 are typically decided by a single arbitrator and are based solely on your written statement of claim and the written response of the brokerage firm.
Claims between $50,000 and $100,000 are still usually presided over by a single arbitrator. However, in these cases, a hearing will be conducted, where evidence will be produced, and witnesses will give testimony. For claims over $100,000, a three-arbitrator panel is used, and the claim is decided by a majority vote.
The time from submitting your statement of claim to receiving a response from the arbitrator or arbitration panel typically takes 12 to 16 months. However, the majority of this time is spent by the lawyers doing the work necessary to prepare for the arbitration hearing. The hearing itself usually takes between three and five days but can last a few weeks in complex cases.
FINRA Arbitration Rulings
The decision made by the FINRA arbitrator or arbitration panel in your case is binding. In the majority of cases, all parties must abide by the ruling with no option for an appeal. Once your case has been decided, the arbitrators, working with FINRA administrative staff, will prepare the formal award. The information listed in this notice includes:
- The involved parties
- A description of the claims and defenses presented
- Who prevailed in each claim
- The amount to be awarded or an order of dismissal of all claims
If your Ohio FINRA arbitration lawyer is able to secure a ruling in your favor, the brokerage firm will have 30 days to pay you the money they owe. If they miss the payment deadline, your lawyer may petition to have their brokerage license suspended and move to recover the money you are owed through an attachment levy or garnishment proceedings.
Most Securities and Investment Fraud Claims Are Resolved Through FINRA Arbitration
The agreement you sign with a brokerage firm when investing money will likely include a clause stating that all disputes will need to be settled through FINRA arbitration. FINRA arbitration provides a much more streamlined process than going to court. However, it will still likely take at least a year to resolve your claim.
Financial institutions prefer handling disputes through arbitration for a variety of reasons. However, one of the biggest appeals is that these proceedings are much more private than a courtroom trial. FINRA arbitration proceedings are private, and the only document typically released to the public is the amount awarded.
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Reach Out to an Experienced FINRA Arbitration Attorney in Ohio Today
When attempting to recover damages after losing the money you invested due to fraud or negligence by a broker or brokerage firm, an experienced Ohio FINRA arbitration lawyer can significantly improve your chances of recovering the money you need. At Meyer Wilson, our award-winning team has secured more than $350 million on behalf of our clients.
Contact us today by phone or through this website to schedule a free case consultation with a member of our legal team.
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