Skip to main content

News

Crush of arbitration cases from financial crisis eases

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 […]

Read More

Exclusive: FINRA beefs up policing of arbitrators

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, […]

Read More

Ex-J.P. Morgan broker: Firm pushed house funds

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 […]

Read More

Despite Protests, You're Still Bound by Arbitration

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 […]

Read More

Citigroup Ordered to Pay Investors $1 Million Related to Auction Rate Securities

Dow Jones Business News

An arbitration panel has ordered Citigroup Global Markets Inc. to pay more than $1 million to two Texas corporations that claimed the brokerage kept them in auction rate securities when it knew the market was in trouble. Texas PGI and Paragon Reserve accused the subsidiary of Citigroup Inc. of breach of fiduciary duty, among other […]

Read More