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Reuters
The surge of securities arbitration cases provoked by the worst financial crisis since the Great Depression is coming to an end. Cases by investors seeking to recover losses tied to the 2007-2008 crisis are down to a trickle, lawyers say. Thousands have now wound their way through the Financial Industry Regulatory Authority’s (FINRA) arbitration system […]
Reuters
Wall Street’s industry-funded watchdog said it was beefing up oversight of its 6,500 securities arbitrators after one of them was criminally indicted and suspended from the practice of law but failed to properly disclose those legal run-ins. The Financial Industry Regulatory Authority’s new policy comes after Reuters asked questions about the background of Demetrio Timban, […]
InvestmentNews
A former J.P. Morgan broker has filed an arbitration claim alleging that the bank’s securities unit encouraged sales of proprietary funds by withholding commissions from brokers on trades of outside funds. The claim, filed last month with the Financial Industry Regulatory Authority Inc. by Bryant Tchan against J.P. Morgan Securities LLC, said that an internal review system […]
Money Magazine
GOT A BEEF WITH YOUR BROKER? You’ll have to keep waiting for your day in court. In April, state securities regulators and members of Congress urged the SEC to end Wall Street’s practice of forcing customers to resolve disputes through nonjudicial binding arbitration rather than by a lawsuit. Riling them up was a ruling in […]
Dow Jones Compliance Watch
The Financial Industry Regulatory Authority’s board next week will consider proposed changes intended to simplify the rules for investors selecting an arbitration panel. Finra, which oversees the arbitration forum, regularly contends with charges that the system favors brokerages, and has been making changes to help ensure a level playing field. The introduction in 2011 of […]