Frequently Asked Questions
How do I bring a claim against my broker?
If you have a claim against your broker (see Top 10 Signs You May Have a Claim Against Your Broker) for most cases the forum is FINRA Arbitration. When you signed up for your account, you likely signed an agreement that said you would resolve any disputes through binding FINRA Arbitration.
What do the lawyers fees cost?
We only get paid if we recover for you. For almost all cases the fees will be 1/3 of anything that is recovered for you.
Are there other expenses for me?
Yes, though they are typically small. Unlike a court case, there not significant costs incurred in a typical FINRA arbitration. The main costs are the filing fee and any expert analysis/testimony. The costs will vary from case to case.
What do I have to do?
Other than hire counsel to help you bring your claim, your main responsibilities regarding the case will be to help us understand the facts at issue, provide documents required in FINRA Arbitration (tax returns, account statements, communications with your broker, etc.), and attend the Final Hearing to provide testimony if the case does not settle before the final hearing. There will be no other hearings that require your attendance.
Will there be a trial?
If the case does not resolve via settlement (as most cases do), then there will be a trial that is called a Final Hearing. They are typically 4-5 days in which we will present your case to a panel of three arbitrators. Witnesses will provide testimony (typically you the Claimant, our expert, the broker, a supervisor from the broker-dealer the broker worked for, and the defense expert) and be cross examined.
How long will it take?
FINRA states that its goal is to complete all claims within 12 months of filing. Our experience that an expectation of 18 months is more likely.
What can I expect as a result?
Every case is so different that it is widely variable. However, most cases reach a settlement before any kind of a hearing. We put a lot of effort into evaluating cases before taking them on, as our commitment of time on these cases is significant, and thus while it is possible you will not receive any recovery, we only take cases we believe have merit.