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.
The House of Representatives’ Financial Services Committee has passed a bill intended to prohibit mandatory arbitration commonly employed by broker-dealers and advisory firms.
The Financial Industry Regulatory Authority (FINRA) may permit remote participation in arbitration proceedings moving forward, according to FINRA chief executive Robert Cook.
The Financial Industry Regulatory Authority (FINRA) has ordered Pershing to pay $648,543 to an additional group of investors who claimed to have lost money in R. Allen Stanford’s Ponzi scheme.
Industry arbitrations filed in the first four months of 2020 increased 27% compared to the same time period in 2019, according to statistics provided by the Financial Industry Regulatory Authority (“FINRA”). Through the first four months of 2020, FINRA has had 569 industry arbitrations, compared to 447 such arbitrations during the first four months of 2019. Conversely, customer arbitration claims filed against brokerages over the first four months of 2020 have decreased by 7% compared to the first four months of 2019. Many expect that the COVID-19 pandemic eventually will lead to an increase in investor arbitrations as well.
Three former Wells Fargo advisors’ termination records must be expunged after the firm “fabricated investigatory findings” and ousted them, an arbitration panel ruled this month.
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According to a recent analysis, Reg BI-related actions quickly have ascended to the top five issues for FINRA, with fines totaling $6 million in 2023.
The Financial Industry Regulatory Authority (FINRA) has imposed fines and censured independent broker-dealers Osaic Wealth and Securities America for cybersecurity deficiencies that led to hackers accessing the private information of more than 32,000 customers.
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