Punitive Damage Awards are Increasing in FINRA Arbitrations
FINRA arbitration panel awards for punitive damages against broker-dealers and reps have been increasing steadily since the credit crisis, Punitive damages awarded in customer claimant cases increased from $10 million in 2009, to $28 million in 2013.
Although compensatory damages are common, punitive damages are awarded in extraordinary cases, and only when the respondent’s conduct is deemed egregious by FINRA arbitrators.
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