If you’ve suffered losses in your portfolio due to your financial advisor’s misconduct, you might feel uncertain about what to do next. This financial setback can significantly impact your future plans. However, a FINRA arbitration lawyer serving Tennessee can recover your losses.
At Meyer Wilson, we focus on investment fraud claims. Over the years, we’ve successfully resolved many cases through FINRA arbitration. With a history of securing over $350 million in awards and settlements, you can trust our Tennessee investment fraud lawyers to fight for you. Call us now for a free case evaluation.
What Is FINRA Arbitration?
The Financial Industry Regulatory Authority (FINRA) is a not-for-profit organization authorized by the United States government to oversee brokerage firms. The organization’s main goal is to protect investors by ensuring fairness in the securities industry.
Our team of FINRA arbitration lawyers has handled many types of FINRA arbitration cases, including:
- Fraud
- Failure to supervise
- Misrepresentation
- Unauthorized trading
- Breach of fiduciary duty
- Ponzi schemes
FINRA arbitration helps resolve disputes between investors and brokerage firms or individual brokers without going to court. It is typically more effective than the traditional legal process.
During FINRA arbitration, an impartial arbitrator or a panel listens to both sides, reviews the evidence, and makes a binding decision. The arbitrator or panel carefully considers all the documents, testimonies, and arguments presented by both parties. The final decision is binding.
Going through FINRA arbitration alone is risky. With the support of our experienced Tennessee FINRA arbitration attorneys, your chances of a positive outcome improve. We will also simplify the process for you.
FINRA Arbitration Is the Main Way to Recover Losses After Securities Fraud
The documents you sign when you open brokerage accounts often stipulate that you agree to settle any disagreements through arbitration instead of filing a lawsuit. This means you generally waive your right to have disputes resolved by a judge or jury, agreeing instead to use the arbitration process.
Most securities negligence cases are resolved through FINRA arbitration because it’s often faster than going to court. Financial institutions also prefer it because it offers privacy. These hearings are private, and only the award amount becomes public information.
Our FINRA Arbitration Lawyers in Tennessee Will Help You Navigate the Process
The FINRA Code of Arbitration Procedure clearly explains all the rules and steps involved in the process. Also, it details the types of cases that can be settled through arbitration and mentions how much time you have to file a claim.
The Code further mentions how arbitrators are chosen and their responsibilities, as well as how evidence is gathered, and hearings are conducted. This comprehensive framework ensures that disputes are resolved fairly.
Filing an Arbitration Claim
The arbitration process begins when you file a statement of claim. This document contains your account of what happened and describes why you are seeking financial compensation. The statement of claim is the first thing the arbitrators will see about your case.
Our Tennessee FINRA arbitration lawyers will make your statement clear and correct. We want to present a complete picture of your situation to the arbitration panel and explain why you deserve compensation.
You will need to submit your claim statement and a fee online to begin the arbitration. After this, the brokerage firm has 45 days to reply.
Participating in the Hearing
The type of claim determines how the arbitration process will proceed. Claims below $100,000 are usually considered small, so only one arbitrator handles the case typically. If your claim is under $50,000, the decision is often made based on the presented statements and replies.
An arbitration hearing is required for claims over $50,000 or $100,000. During this hearing, witnesses testify and present proof. If a panel of arbitrators is involved, the decision is based on the vote of the majority.
The time it takes to complete arbitration depends on the unique details of each case. It might take about a year or longer from when you file your claim. Smaller claims can be resolved in a few days, while bigger cases may take several weeks. Meyer Wilson treats all cases with urgency.
Receiving the Decision
The decision made at the arbitration is final and usually cannot be challenged. This means that the outcome is binding and must be accepted by both parties. Once a decision is reached, the arbitrators and FINRA administrative staff prepare an award document. This document is critical as it formalizes the decision and outlines the specifics of the case’s resolution.
The award document has important details, such as:
- The parties involved
- The claims and defenses presented
- Who succeeded in each claim
- The amount to be paid
If we win your case, the brokerage firm must pay you within 30 days. If they refuse, our Tennessee FINRA arbitration attorneys can request the suspension of their brokerage license. Additionally, we can pursue garnishment proceedings and attachment levy to recover your losses. This ensures that every possible step is taken to secure the compensation you deserve.
Call an Experienced FINRA Arbitration Attorney Serving Tennessee
Going up against a brokerage firm or even a professional financial advisor can be intimidating. However, you don’t have to do this alone. Collaborate with a Tennessee FINRA arbitration lawyer to protect your right to recover your losses.
The knowledgeable team at Meyer Wilson has helped thousands of clients fight for a financially secure future. Contact us today to discuss strategy.