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All articles tagged '"FINRA"'
36 articles found
SEC Approves Rule Change to Raise the Cap for FINRA Simplified Arbitration Claims
By Victoria VanBuren - May 17, 2012
As discussed by the ADR Prof Blog, on May 3, the SEC approved the proposed rule change to amend FINRA’s Customer and Industry Codes of Arbitration Procedure to raise the limit for simplified arbitration from $25,000 to $50,000. The proposed rule change was published for comment in the Federal Register on February 28, 2011. The rule is available here and the approval order is here.
Supreme Court Petition Filed Alleging Fraud at FINRA Arbitration
By Victoria VanBuren - February 21, 2012
On January 23, 2012, Petitioner Christopher Wanken filed a writ of certiorari (Case Number 11-939) with the U.S. Supreme Court against Respondents Raymond James Financial Services, Inc. and its branch manager, John Dwight Wanken, seeking review of the Fifth Circuit decision on Wanken v. Wanken, No. 11-102219, 2011 U.S. App. LEXIS 20014 (5th Cir. Tex. Sept. 29, 2011). The questions presented are: Can a court affirm a district court’s sua sponte co
Second Circuit Rules on the Meaning of ‘Customer’ Under FINRA
By Victoria VanBuren - December 1, 2011
The Second Circuit held recently that the term “customer” under FINRA Rule 12200 does not include a broker-dealer non-party to a credit default swap agreement. See Wachovia Bank v. VCG Special Opportunities Master Fund Ltd., No. 10-1648-cv (2d Cir. N.Y. Oct. 28, 2011). In the present case, Wachovia Bank, N.A. (“Wachovia Bank”) and Wachovia Capital Markets, LLC (“WCM”) (collectively “Wachovia”) sued
Second Circuit Clarifies FINRA Rule 12200
By Victoria VanBuren - October 6, 2011
As discussed at the ADR Prof Blog, the Second Circuit held that an issuer who purchases auction-facilitating services for its auction rate securities from a broker-dealer is a “customer” of that broker-dealer within the meaning of the Financial Industry Regulatory Authority (“FINRA”) Rule 12200. FINRA Rule 12200 governs whether FINRA members must submit to FINRA arbitration. In UBS Financial Services Inc. v. West Virginia University H
SEC Commissioner Speaks on Mandatory Arbitration
By Victoria VanBuren - September 22, 2011
Via the Securities Law Prof Blog, we learned of SEC Commissioner’s Elisse B. Walter’s comments on mandatory securities arbitration at the 2011 annual NASAA Conference: Regardless of changes in the relationship between investors and the professionals to whom they turn for advice, disagreements will arise that need to be resolved quickly and fairly. Following the dictates of Dodd-Frank, the SEC intends to thoroughly review the mandatory arbitration
FINRA Announces Arbitration Motion Practice Rule
By Victoria VanBuren - May 31, 2011
Effective June 6, 2011, under FINRA rules, a moving party will have a five-day period to reply to a response to a motion. According to FINRA, “this five-day period gives parties an opportunity to brief fully the issues in dispute, and ensure that arbitrators deciding a motion have all the motion papers before issuing a final decision.” FINRA’s press release is here. Technorati Tags: law, ADR, arbitration
SEC Approves Revised Discovery Guide for FINRA Arbitrations
By Beth Graham - April 7, 2011
Via the ADR Prof Blog, we learned the U.S. Securities and Exchange Commission (SEC) approved a revised Discovery Guide applicable to FINRA securities arbitration customer cases on Friday. The proposed rule change was filed with the SEC on July 12, 2010 and published for comment in the Federal Register on August 3, 2010. The Commission received 55 comment letters on the proposed rule change. On February 8, 2011, the Commission received from FINRA
N.D. of Texas Lifts TRO Enjoining FINRA Arbitrations
By Beth Graham - March 28, 2011
On February 18, 2011, The Northern District of Texas issued a Temporary Restraining Order (TRO) enjoining multiple arbitration proceedings before the Financial Industry Regulatory Authority (FINRA) in Billitteri v. Securities America Inc., et al., No. 3:09-CV-01568-F and related cases, (N.D. Tex., February 18, 2011). In the case, a group of representative plaintiffs in a class action lawsuit jointly filed a Motion for Preliminary Approval of a pa
N.D. of Texas Issues Temporary Restraining Order Enjoining FINRA Arbitrations
By Beth Graham - March 7, 2011
The Northern District of Texas has issued a Temporary Restraining Order enjoining multiple arbitration proceedings before the Financial Industry Regulatory Authority (FINRA). In Billitteri v. Securities America Inc., et al., No. 3:09-CV-01568-F and related cases, (N.D. Tex., February 18, 2011), a group of representative plaintiffs in a class action lawsuit jointly filed a Motion for Preliminary Approval of a partial class action settlement with s
S. D. of Texas Finds Arbitration Award Not Final Before Motion for Clarification Was Denied
By Beth Graham - February 21, 2011
The Southern District of Texas has held that an arbitration award was not final before a party’s Motion for Clarification was denied. In Alvarado v. Wells Fargo Advisors, No. 10-0362, (S.D. Tex., February 15, 2011), Lisa Alvarado was employed as a financial advisor registered with Wachovia Securities. After Alvarado’s employment ceased, she entered into arbitration with Wells Fargo Advisors (“Wells Fargo”) over a promissory note and before a Fina
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