X

FINRA Discovery Guide

Discovery has always been a problem in litigation matters. In broad strokes, plaintiffs want to see every document that might possibly have any bearing on any issue in the case, and defendants don’t want to produce a single document. The courts and arbitration panels spend a significant amount of time trying to sort it all out.

In FINRA arbitration, there is almost always a motion to compel one side or the other to produce documents and information, with attendant delays in the discovery process.

In 2003 the NASD attempted to create lists of documents that should be produced in most cases, and in doing so, ignored the fact that cases are fact specific, and we cannot have a list of documents for all cases.

However, the creation of the Discovery Guide was a step forward, and over the years it has evolved. So long as parties and arbitrators keep in mind that the Guide is just that – a Guide – and not a list of what must be produced, or an exhaustive list of everything that should be produced, the Guide will continue to preempt some discovery disputes.

The FINRA Discovery Guide


Mark Astarita is a securities attorney who represents investors and financial professionals across the country in their arbitration, litigation and regulatory matters. He is a partner in the boutique law firm of Sallah Astarita & Cox. You can email Mark with questions at mja@sallahlaw.com

Related Content:



You may also be interested in:

  • List of Firms Using Inaccurate Information  The SEC maintains a list of unregistered entities that it alleges uses misleading information to solicit non-US investors. It updated that list yesterday, to add four firms that are impersonating real firms, and 9 bogus firms. The list, known as the Public Alert: Unregistered Soliciting Entities (PAUSE) list, enables investors to better inform themselves and avoid being ...
  • Victims of $102 Million Ponzi Scheme The Securities and Exchange Commission filed charges and obtained an asset freeze against the individuals and companies behind a $102 million Ponzi scheme that bilked investors throughout the U.S. According to the SEC’s press release, the defendants defrauded more than 600 investors through sales of securities in issuers they controlled, including First Nationle Solution LLC, United ...
  • Merrill Lynch Admits Masking to Defraud Customers The Securities and Exchange Commission charged Merrill Lynch, Pierce, Fenner & Smith with misleading customers about how it handled their orders.  Merrill Lynch agreed to settle the charges, admit wrongdoing, and pay a $42 million penalty. According to the SEC’s order, Merrill Lynch falsely informed customers that it had executed millions of orders internally when it ...
  • U.S. Opens Criminal Probe Into Trading in Fannie, Freddie Bonds  The U.S. has opened a criminal investigation into whether traders manipulated prices in the $550 billion market for unsecured bonds issued by Fannie Mae and Freddie Mac, according to people familiar with the matter.The probe, parts of which were described by four people familiar with it, shows that investigations by the Obama Justice Department into ...
  • Series 7 and Drug Testing From our old Discussion Forums. Please forgive the formatting, but we needed to repost this discussion because it is popular. The Securities Law Forums General Securities Law Series 7 and Drug Testing? Author Topic: Series 7 and Drug Testing? 20kMBA New Member posted 09-15-2005 12:42 PM Click Here to See the Profile for 20kMBA Click Here to Email 20kMBA Edit/Delete Message ...

 

Categories: Arbitration