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FINRA Stats., 5/16: New Filings Still Ahead of Last Year, but Gap Tapering
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FINRA-DR has just posted its May 2016 statistical report on the facility’s section of the FINRA Website – overall case filings remain up from same period 2015 (20%) and customer claims are up even higher (29%).

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Twice Is Not Nice For a Firm When an Investment Bank Seeks Its Fee: Cowen & Co. v. Fiserv, Inc.
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That a material term of a contract is not specifically defined does not doom the agreement, if sufficient external guidance exists to establish how the parties would define the term.

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West Virginia Supreme Court Follows Through on Schumacher Remand from SCOTUS
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Following up on the Supreme Court’s grant of certiorari, vacatur, and remand for reconsideration in light of DIRECTV, the West Virginia Supreme Court has reinstated a PDAA it had previously refused to enforce.

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Broker Pays the Price for Passing on Arbitration With Selling Away Customer: Hunsinger v. Carr
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By David C. Franceski, Jr.

The term “customer” in FINRA Form U-4 and FINRA’s Code of Customer Arbitration Rule 12200 includes a member firm’s account-holder victimized by the rogue investment activities of a FINRA registered broker,

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Broker Wins Partial Expungement of Customer Claims in Explained Award: Vogel v. Brouwer
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An Explained Partial Expungement Award: Vogel v. Brouwer, FINRA ID #15-01636 (Detroit, MI, 6/6/16).

Expungements are usually all or nothing – either the complained-of expungement is erased from the broker’s records in its entirety or those records are left untouched.

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West Virginia Supremes Enforce Arbitration Clause in Unsigned Brokerage Agreement: Evans & Ameriprise Financial Services, Inc. v. Bayles
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By Sarah G. Anderson

An unsigned arbitration agreement may be enforced against the signatory of a separate but related agreement, where the latter clearly and unequivocally refers and calls attention to the arbitration agreement and the signatory acknowledges that he received and read the arbitration agreement.

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