The Public Investors Advocate Bar Association (PIABA), a trade group representing plaintiffs' lawyers, has urged the Securities and Exchange Commission (SEC) to take action against the "broken" arbitration system used by investors bringing claims against registered investment advisers (RIAs).
Fewer investors have been filing arbitration claims to recover their investment losses. However, industry experts anticipate that the case count may climb, if not skyrocket, later this year due to recent market volatility.
The Financial Industry Regulatory Authority (FINRA) intends to amend its rules to permit expedited arbitration cases for parties who are 75 or older or are seriously ill.
A Georgia Superior Court judge has vacated an arbitration award that Wells Fargo had obtained nearly 3 years ago involving a client who sued the firm for mismanaging his account and, in doing so, has rocked the industry with sweeping, serious allegations of misconduct and conspiracy.
Stephens, Inc. has won nearly $18.2 million in an arbitration claim against Benjamin Edwards & Company over the raiding of an Arkansas branch.
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An emerging investigation into Webull Financial centers on allegations that an unauthorized third party infiltrated the firm’s security systems, accessed customer brokerage accounts, liquidated existing holdings, and used the proceeds to purchase shares of Ten-League International Holdings Ltd.
A longtime Morgan Stanley financial advisor agreed to a $5,000 fine and a two-month suspension after FINRA found that he executed multiple transfers from his former spouse’s retirement account without proper authorization, as reported by AdvisorHub.
The crypto market’s recent downturn erased nearly $20 billion in leveraged positions within hours and half a trillion dollars in market value over a single weekend.
