Leggett v. Wells Fargo Clearing Services, LLC, FINRA ID #17-01077 (Atlanta, GA, 8/1/19) is unusual because it not only includes explanations for two expungements,
Explained Awards — those that contain the Arbitrator’s reasons for granting or denying the relief requested — are available to parties under FINRA Rules 12904(g) and 13904(g),
At the half-year mark, FINRA’s Office of Dispute Resolution is on track to receive about 3,600 case filings for 2019. With 1,799 new case submissions through June,
For this case to unravel the way it did required that the Claimants pursue both the brokers and the firm as Respondents. That’s not terribly common in FINRA arbitration,
FINRA has issued a Regulatory Notice seeking comments on Rule changes aimed at better protecting investors from firms with significant regulatory histories. Arbitration is prominently mentioned throughout.
New case submissions by customers are down 29% from the first quarter’s tally for 2018 and industry cases have declined 27%. Overall, 830 new cases were filed in the first quarter;