If you are eligible to file a claim for the recovery of losses sustained in your investment, retirement or other stock brokerage account, such claims are usually processed and handled by the “Financial Industry Regulatory Authority” or “FINRA” through their securities arbitration process.
FINRA securities arbitration claims are handled confidentially through a process that takes anywhere from approximately nine (9) to fifteen (15) months to resolve from claim filing date.
The FINRA securities arbitration claim process typically consists of the following stages:
- Client Files Securities Arbitration Complaint With FINRA: Your “Initial Statement of Claim” is filed with FINRA. This starts the process for your claim. A filing fee is paid, the amount of which is based on the amount of your claim.
- Stock Broker and/or Stock Brokerage Firm Files An Answer or Response To Securities Arbitration Complaint: Your stockbroker or stockbrokerage firm has 60 days to answer or respond to your securities arbitration complaint, although extensions of time are often given, depending on the case.
- Securities Arbitrators Are Selected By The Parties: FINRA provides both sides with a list of potential securities arbitrators to hear and decide your securities arbitration case. Most often, the securities arbitrators are selected on a random basis.
- Initital Prehearing Conference: This takes place typically 90 to 120 days after your securities arbitration claim is filed. Procedural matters are addressed in this pre-hearing conference.
- Discovery: This is when your stock broker or stock brokerage firm must turn over copies of records relating to your accounts and internal documents relating to operations of the firm. You must also produce copies of tax returns and other documents relating to your securities claims.
- Settlement Discussions: Settlement negotiations can occur at any time in the securities arbitration process, but this is the time settlement demands are typically made and settlement negotiations begin. This settlement stage is typically 8 to 12 weeks prior to the securities arbitration hearing. While most cases settle at this time, there is no guarantee that any case will settle at this time, or at any other time.
- Arbitration Hearing: If your claim is not settled, your securities arbitration case may then go to hearing. A securities arbitration hearing typically lasts for 2 to 3 days in a private confidential setting in a location near you. After the hearing, the securities arbitrator or securities arbitration panel, will make a binding decision on your claim(s) and issue a securities arbitration award.
If You Sustained Losses In Your Investment, Retirement or Other Stock Brokerage Account, You May Be Eligible To File A Claim For Recovery Of Your Losses:
-Contact A Securities Arbitration Lawyer-
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