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Thomson Reuters
A proposal to limit when people with certain ties to the securities industry are called to decide cases of aggrieved investors is a step in the right direction, but does not go far enough to please some arbitration lawyers. Wall Street’s industry-funded watchdog wants to exclude people associated with hedge funds and mutual funds from […]
Forbes
On television, actor Larry Hagman played Texas wheeler-dealer J.R. Ewing on the hit show Dallas. No one ever got the better of lyin’, cheatin’ J.R. Ewing. In real life Hagman, who died Friday at the age of 81, was not so lucky. According to MetLife, one in five Americans over the age of 65 will either be […]
Reuters
Wall Street’s industry-funded watchdog does not have an official say over registered investment advisers, but it is not shy about stepping up with a solution to resolve their legal disputes. The Financial Industry Regulatory Authority (FINRA) is opening its arbitration forum to disputes between registered investment advisers (RIAs) and investors. FINRA has long run an […]
Wall Street Journal
The Financial Industry Regulatory Authority explained Thursday how it will open its arbitration forum to registered investment advisers, a group it doesn’t have any enforcement power over–at least not yet. Wall Street’s self-regulator now oversees only brokers and not investment advisers, who are supervised directly by the Securities and Exchange Commission. Traditionally, its arbitration system […]
Wall Street Journal
A U.S. district court has upheld an arbitration panel’s half-a-million dollar award against Merrill Lynch, capping a controversy in which the three arbitrators were fired after rendering their decision–and then re-hired. The federal court in Atlanta on Thursday tossed out Merrill’s argument that the Financial Industry Regulatory Authority arbitration panel prejudged the case and showed […]