Securities Arbitration: An Update to Dispute Resolution through FINRA, Including a Discussion of Recent Trends

(276 Ratings)

Produced on: October 12, 2017

Course Format On Demand Audio

Taught by

Categories:

Course Description

Time 61 minutes
Difficulty Advanced

FINRA (the Financial Industry Regulatory Authority) provides the exclusive forum for the arbitration of disputes that arise between a customer and his or her securities brokerage firm. Such disputes are the subject of mandatory arbitration provisions that exist in nearly all brokerage account-opening agreements. By providing a detailed explanation of the FINRA arbitration process and its central components, attorneys Kevin Galbraith and Michael Giarrusso offer viewers professional insight and perspective on a range of issues, including vetting a potential case, preparing and filing a Statement of Claim, and shepherding that claim through the discovery process and to a merits hearing or a negotiated settlement.

In addition, they will offer insight into some recent trends in securities arbitration through a discussion of cases involving non-traded REITS and financial elder abuse.


Learning Objectives:

  1. Understand a brief background of FINRA and its mission to ensure the integrity of financial markets and to provide a forum for dispute resolution
  2. Appreciate that FINRA is likely the exclusive forum in which investors may pursue their legal remedies in disputes with brokerage firms
  3. Address the application of FINRA’s eligibility rule and the timeliness of a claim
  4. Identify a viable case (and identify how to avoid poor ones)
  5. Recognize common causes of action, including fraud, unsuitable recommendations, failure to supervise, churning, over-concentration, unauthorized trading, breach of fiduciary duty, etc
  6. Prepare a Statement of Claim on behalf of an investor
  7. Navigate the remainder of the arbitration process, including panel selection, discovery, motion practice, potential settlement and hearing
  8. Discuss FINRA rule changes, statistical results, and recent case trends


Faculty

Michael Giarrusso

Law Office of Christopher J. Gray, P.C.

Michael Giarrusso’s practice is primarily focused on representing aggrieved investors who have sustained considerable losses due to the negligence or malfeasance of their financial advisor and/or brokerage firm. While many of these claims are brought in FINRA arbitration, Mr. Giarrusso also represents investors in various state and federal courts. In addition, part of his practice is devoted to class action litigation, shareholder derivative suits, as well as commodities and futures disputes before the National Futures Association (“NFA”).

Mr. Giarrusso possesses a broad based knowledge of the brokerage industry, high net worth margin lending, complex financial products, investing and risk management. He is a graduate of Princeton University and Syracuse University College of Law. He is admitted to practice in New York and New Jersey, as well as the District Court of New Jersey and the Southern District of New York.

Kevin Galbraith

The Law Office of Kevin Galbraith LLC

Prior to founding his firm, Mr. Galbraith practiced at a prominent securities arbitration and litigation boutique firm. There, he worked on cutting-edge cases representing both individual investors in arbitrations against their brokerage firms as well as large classes of investors who were harmed by corporate misconduct such as the London Whale trading fiasco at JP Morgan Chase and Citigroup’s subprime CDO fraud.

He won both the first and the largest arbitration awards against UBS Financial Services concerning their fraudulent marketing of so-called “100% Principal Protection Notes” issued by Lehman Brothers. He also helped secure two multi-million-dollar settlements on behalf of victims of notorious Ponzi schemers and sizeable awards on behalf of investors suffering losses due to unsuitable recommendations, failure to supervise and account churning.

Earlier in his career, Mr. Galbraith was associated with two prominent national and international law firms in New York. At Cooley (formerly Kronish Lieb Weiner & Hellman), his practice centered on white-collar criminal and defense, civil litigation and advising clients on how to navigate criminal and regulatory inquiries concerning their business practices. At DLA Piper, Mr. Galbraith maintained his practice in these same areas. He also defended corporations that were the subject of federal securities class actions.


 

Reviews

DD
Daniel D.

Good course

ML
Michael J. L.

Excellent update, as usual from Lawline

DM
David M.

Great overview.

WK
William K.

Very appropriate to my practice

DS
Darryl S.

The presentations were well done. The material was understandable.

JG
John G.

great course

MP
Marc P.

Best webcast I have attended.

JB
Jessica B.

Very thorough

WB
William B.

A very informative presentation.

CH
Cathie H.

Extremely knowledgeable presenters. Excellent!

GR
Gene R.

Well presented course.

FM
Francis M.

Excellent and informative presenters!

SG
Seth G.

outstanding moderators

TA
Thaddeus A.

excellent

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