In two cases decided within the last 30 days, Edward Jones was denied requests for injunctions against former brokers it accused of stealing trade secrets and soliciting customers. Edward D. Jones & Co., L.P. v. Michael Peterson, Case No. 2:19-dv-01968-JCM-EJY (D. Nev. December 6, 2019) and FINRA arbitration case 19-03340 (December 3, 2019) On November 8, 2019, broker-dealer Edward D. … Read More
Investor Advocates Call on FINRA to Immediately Stop the Expungement of Customer Complaints
The Public Investor Arbitration Bar Association (known as PIABA) is a nationwide association of attorneys who advocate for investors through litigation and arbitration and regulatory reform. In a report prepared by The PIABA Foundation, titled 2019 Study on FINRA Expungements, A Seriously Flawed Process that Should be Stopped Immediately to Protect the Integrity of the Public Record, PIABA called upon … Read More
The FINRA Arbitration Proceess
The FINRA Arbitration Process Almost all disputes involving securities brokers and their customers are resolved by arbitration under a process administered by the Financial Industry Regulatory Authority (“FINRA”). FINRA was created on July 30, 2007, through the merger of the National Association of Securities Dealers, Inc. and the New York Stock Exchange. FINRA is the largest non-governmental regulator of securities … Read More
Andrew Whiteman Assists Securities Law Clinics with Amicus Brief Filing
Andrew Whiteman Assists Securities Law Clinics with Amicus Brief Filing On April 19, 2019, Andrew Whiteman filed an amicus curiae brief in the United States Court of Appeals for the Fourth Circuit on behalf of three law school law clinics: University of Miami School of Law Investor Rights Clinic, Elizabeth Haub School of Law at Pace University Investor Rights Clinic, … Read More
FINRA Requires Brokerage Firms to Communicate with Customers when a Broker Leaves the Firm
Ask questions if your broker leaves his firm. According to new regulatory guidance from the Financial Industry Regulatory Authority, known as FINRA, member firms are required to do the following: In the event of a registered representative’s departure, the member firm should promptly and clearly communicate to affected customers how their accounts will continue to be serviced; and The firm … Read More
FINRA Extends Deadline for Firms to Self-Report Violations under its 529 Share Class Initiative
FINRA has extended the deadline for firms to self-report violations under its 529 Plan Share Class Initiative. The Financial Industry Regulatory Authority (“FINRA”) announced on March 6, 2019, that it is extending the deadline for firms to self-report violations under FINRA’s 529 Plan Share Class Initiative to April 30, 2019. Participating firms must confirm their eligibility by submitting the additional … Read More