FINRA has filed proposed rule amendments with the SEC seeking to update FINRA’s expungement arbitration code. Under FINRA’s current rules, a broker seeking expungement will pay a lower fee if they include a request for nominal damages. If nominal damages are requested along with an expungement, then the case is governed by the arbitration rules for cases seeking under $50,000 in damages. The filing fee for these cases can be as little as $50. Expungement cases with no damages requested are filed under the same rules as arbitration cases seeking more than $100,000 in damages, and carry a filing fee of $1,575.
This was the best of all possible outcomes and I cannot thank you and the team enough.