FINRA Arbitration - Transcript
The top customer claims for public investors are unsuitability, breach of fiduciary duty, theft, fraud, omissions, churning, defective securities products. These are all things that happen in the typical relationship with a broker that’s not being honest.
It could even be negligence a lot of people feel uncomfortable bringing claims against the broker that they felt was their friend’s friend over the years.
You know but there can be negligence and they’re brought generally as failure to supervise claims against the broker dealer not against the broker themselves although it does go on their permanent record.
For investment professionals the typical FINRA claims are wrongful termination, there’s also you can bring discrimination claims if both parties agree race gender age discrimination and those types of cases you can bring claims for expungement to remove a customer complaint or a negative termination language that you think is untruthful.
So these are typical claims and then of course there’s also intra-industry claims relating to transitions from broker dealer to broker-dealer, uh rating as they call it you know stealing customers one broker dealer to another, those are the typical claims in FINRA arbitration for investors and industry professionals.