If you have suffered significant losses in your retirement or investment accounts due to a violation of Financial Industry Regulatory Authority (FINRA) rules, our Anne Arundel County, MD FINRA lawyer may be able to help.
The FINRA is a private, non-profit organization that is responsible for overseeing all financial brokers and dealers in the U.S. The financial advisors and/or stockbrokers you work with, as well as the firms they are employed by, are subject to the rules and regulations issued by the FINRA. If an individual or firm acts in a way that violates these rules and that action results in investment losses to clients, that client has a right to pursue action in order to seek a financial settlement for those losses.
However, that action is not a lawsuit that is filed with the courts. When an individual retains the service of a broker and opens an account, one of the documents they are required to sign is a mandatory arbitration agreement. This agreement basically waives the client’s right to pursue legal action and instead they are required to file their claim with the FINRA for arbitration.
The FINRA Arbitration Process
Filing a complaint for arbitration is not something a client should do on their own. The process is a complex one and requires the skill and experience of our Anne Arundel County, MD FINRA lawyer.
The first step your attorney will take to initiate arbitration is filing a statement of claim that contains all relevant facts outlining the complaint, as well as what remedies are being requested to settle the claim. A copy of the claim is then sent to the respondent, who is required to file a response that includes facts that are relevant to the claim, as well as what their defense to the claim is.
The next step involves choosing a panel of arbitrators from a list that is provided to both sides. Once the panel is selected, there will be prehearing conferences to determine any preliminary issues or conflicts that need to be addressed and the scheduling of hearing dates.
The discovery process then follows. This involves the exchange of requested documents and other information between parties in order to prepare and gather evidence for the hearing. When the hearing date arrives, both side present their evidence and arguments regarding the dispute to the arbitration panel. Once both sides have completed their presentations, the panel will take all this information to decide if the client should receive damages and how much those damages should be. This decision is put in writing and is referred to as an award.
Contact Our Office Today
If you feel that the significant investment losses you have suffered were the result of broker violations, call Crepeau Mourges to schedule a consultation with an Anne Arundel County, MD FINRA lawyer and find out what legal options you may have.
