Filings continue to rise through 2003 NYSE STATS, 2/03: From the “News & Updates” section of the NYSE Arbitration WebSite, we have arbitration statistics through the month of February 2003. The Exchange is now refreshing its statistical summary of cases filed and closed each month. We reported on the month […]
Arbitration
Securities arbitration refers to the alternative dispute resolution process to resolve claims between broker firms and their customers and employees. FINRA operates the largest arbitration forum in the United States for the resolution of these disputes.
While no one can be forced to give up their rights to a trial in court, virtually all agreements between investors and their stockbrokers include mandatory arbitration agreements, and every registered stock broker is required to arbitrate their disputes with their customers and firms.
Our site has been providing information regarding securities arbitration since 1995, starting with Overview of the Securities Arbitration Process. We update the site on a regular basis and invite you to explore our commentary and links, and to ask questions.
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NYSE Arbitration Award Summaries, May 2002
A summary of the 18 awards issued in May NYSE AWARDS, 5/02: Among the customer-initiated matters that concluded at the New York Stock Exchange in May were 10 ML Media-related Awards, a stipulated Award granting expungement, one small claims arbitration, and 7 others. The seven Customer-Member claims split 3-4 in […]
Arbitrators Award $750,000 for Annuity Sold to 96 year old,
]]> Home | Message Board Home Search Arbitration Investors Brokers Finance Law Compliance Archives Panel Awards $750,000 in Sale of Annuity to 96 Year Old Man Danks vs. Merrill Lynch DANKS v. MERRILL LYNCH, PIERCE, FENNER & SMITH, INC., NASD ID #01-06242 (Boca Raton, 1/22/03). On claims relating […]
GAO Studies Arbitrator Disclosure
No further recommendations made. GAO STUDIES ARBITRATOR DISCLOSURE: In early November, the U.S. General Accounting Office responded to a congressional inquiry on the adequacy of NASD’s procedures in updating its arbitrators’ biographical records for disclosure to parties. In a brief report entitled “Procedures for Updating Arbitrator Disclosure Information,” (GAO-01-162R), the […]
GAO Updates Non-Payment Study
New Procedures Result in Payments and Sanctions. GAO FOLLOW-UP STUDY: Responding to Congressional requestors, the U.S. General Accounting Office reported on events and developments following its June 2000 study of unpaid arbitration awards. The GAO’s evaluation of the steps taken by the SEC and the SROs to address GAO recommendations […]
Out of State Attorneys In Florida Update
FLORIDA BAR & RAPOPORT:The Florida Supreme Court’s decision regarding an attorney not licensed in Florida, but practicing in Florida securities arbitrations, has caused a stir among both Claimants’ and Respondents’ counsel; an interim policy now seems in the works. In the case of The Florida Bar v. Rapoport, No. SC01-73 […]
Arbitrators Decide Disqualification of Counsel Issue
Benasra vs. Mitchell, Silberberg & Knupp, No. B147537 (Cal. App., 2/13/02) The favored mechanism for dealing with disqualification of counsel in an arbitration proceeding must be for the arbitrators to decide the issue. When Plaintiff looked across the arbitration table and saw former counsel representing the other side, he […]
Eligibility and Attorney Fee Awards Under Review
Courts accept cases dealing with Eligibility and Attorney Fee Awards ELIGIBILITY AND ATTORNEY FEES UNDER REVIEW: The Florida Supreme Court is reviewing its position on the awarding of attorney fees in arbitration and the effect of the six-year eligibility provision on a litigant’s claims. Barron Chase v. Moser was accepted […]
NASD Defunct Firm Proposal
The Securities and Exchange Commission has invited public comment on a rule proposal from NASD Dispute Resolution that would institute default arbitration procedures for non-responding defunct firms and terminated personnel. When the General Accounting Office disclosed in June 2000 (SAA 00-26) that many winning Claimants in arbitration do not collect […]
Futures Account Agreement Does Not Encompass Claims Relating to Separate Agreement
Crotser vs. Smith Barney & Co., Inc., NO 228226 (Mich. App., 4/30/02) Appealability * Scope of Agreement * Arbitration Agreement * Competing Agreements. A futures account agreement does not encompass claims relating to separate consulting services provided by the FCM. Plaintiff entered into an agreement with a predecessor firm (Hutton) […]
