FINRA is Postponing All In-Person Arbitration Proceedings Scheduled through July 3, 2020

FINRA announced yesterday that due to the continuing covid-19 disease pandemic all in-person arbitration and mediation proceedings scheduled through July 3, 2020 are administratively postponed. Parties who have cases scheduled for in-person hearings through that date will be contacted by FINRA staff about the options of rescheduling the hearing or proceeding with a remote hearing conducted via Zoom. The postponement … Read More

FINRA Arbitration Claims Likely to Spike due to Current Market Crash

At present, the stock market appears to be in free-fall, with most major market indices down approximately 25% in the past two weeks. The extent of the current crash and the duration of the recovery will likely depend on the extent and duration of the coronavirus crisis and the oil price trade war between Saudi Arabia and Russia. Absent a … Read More

Does Your Securities Broker or Investment Advisor have Errors and Omissions Insurance?

When shopping for an investment firm, or during your next meeting with your financial professional, ask whether the firm carries errors and omissions insurance. This type of insurance, also known and “E&O coverage,” insures against claims made by customers against their investment professionals. Unpaid arbitration awards remain a significant focus of regulators, legislators, and investor advocates. According to data published … 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 North Carolina Supreme Court’s Piazza v. Kirkbride Decision Fails to Resolve Important Issues under State Securities Act

On May 10, 2019, the North Carolina Supreme Court issued its opinion in Piazza v. Kirkbride. See Piazza v. Kirkbride, 827 S.E.2d 479 (2019). The Court declined to resolve important issues under the North Carolina Securities Act, instead ruling that defendant Gregory Brannon had failed to properly preserve his challenge to the trial court’s jury instructions. In the trial court … Read More

FINRA Reminds Broker-Dealers and Investment Advisers to Comply with the SEC’s “Best Interest” Requirements

FINRA Reminds Broker-Dealers and Investment Advisers to Comply with the SEC’s “Best Interest” Requirements On June 5, 2019, the United States Securities and Exchange Commission issued Release No. 34-86031, titled Regulation Best Interest: The Broker-Dealer Standard of Conduct (“Regulation BI”), which provides for a best interest standard applicable to broker-dealers. The same day, the SEC issued Release No. IA-5248, titled … 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

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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

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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

Securities arbitration – Should you hire an attorney?

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Here is a well-written article, co-authored by FINRA and PIABA, about why investors who are considering securities arbitration should hire an attorney. Securities Arbitration – Should You Hire an Attorney? ***** The lawyers at Whiteman Law Firm have been representing investors in securities claims for over 30 years. We represent individuals and businesses who have suffered financial losses due to … Read More