Procedures in Securities Arbitration (Em Português)
FINRA Arbitration Proceedings
FINRA arbitration proceedings provide a time-efficient and cost-efficient means of resolving disputes between investors and brokerage firms. Dimond Kaplan & Rothstein, P.A., serving Miami, Fort Lauderdale, West Palm Beach, New York City, Los Angeles and locations statewide and nationwide, adeptly represents investors in securities arbitration proceedings.
Contact us to discuss any securities-related dispute and learn how we can represent you in FINRA arbitration proceedings.
A typical timeline is as follows:
- A case begins with the filing of a Statement of Claim with FINRA's New York office.
- Within a week or so FINRA serves the brokerage firm (the respondent) with the Statement of Claim, and the respondent has 45 days to file its Answer. (Respondents often request a several week extension of time beyond the 45-day deadline.)
- On the 45-day Answer deadline FINRA sends a list of potential arbitrators to all parties, and the arbitration panel is chosen several weeks later.
- FINRA schedules a conference call among the arbitrators and the lawyers for the parties within several weeks of the empaneling of the arbitrators to schedule the final hearing (the trial) and discovery-related deadlines. Final hearings generally are scheduled within nine to 15 months from the date of the call.
- Within 60 days of the 45-day Answer deadline parties must produce to each other a pre-determined set of documents that FINRA has deemed presumptively discoverable.
- As of the 45-day Answer deadline parties also are permitted to request other documents and information, and parties must respond to these requests within 60 days.
- From this point forward and through the months leading up to the final hearing, the parties generally receive and review documents and information from each other and develop evidence to be used at the final hearing. They also work to resolve disputes regarding whether either party will produce certain documents to the other. If they cannot resolve such disputes, the arbitrators issue a ruling on the dispute.
- Prior to the final hearing parties often engage in a settlement conference, known as mediation, in an effort to reach an amicable resolution to the dispute.
- If a case does not settle prior to the final hearing, the parties proceed to the final hearing where witness testimony and documentary evidence is presented to the arbitrators. The arbitrators then have 30 days to issue an award with their decision.
Clients of Dimond Kaplan & Rothstein, P.A., rest assured that attorneys of the law firm will work to keep them informed of their rights and protect their best interests through all phases and procedures of the securities arbitration process. Learn how lawyers of Dimond Kaplan & Rothstein, P.A., can partner with you in pursuit of a just outcome for your securities fraud case in Florida or elsewhere. Contact us to schedule a consultation.