Copyright © 2011 Law Office of Neil D. Petkovic - Akron, Ohio Stock Broker Misconduct Lawyer, Stock Broker Fraud Lawyer | Site Design
Law Office of Neil D. Petkovic, LLC represents clients located throughout the State of Ohio including those residing in the communities of Akron,
Cuyahoga Falls, Stow, Hudson, Barberton, Canton, Massillon, Alliance, Cleveland, Parma, Rocky River, Westlake, Shaker Heights, Youngstown,
Warren, Boardman, Poland, Canfield, Medina, Brunswick, Lorain, Sandusky, Mentor, Toledo, Dayton, Columbus, Cincinnatti, Summit County, Stark
County, Portage County, Cuyahoga County, Medina County, Lorain County, Mahoning County, Trumbull County, Huron County, Geauga County,
and Lake County.
How do I know if I have a claim?
If you are unsure you have a claim or you know you have a claim, but are unsure how to proceed, it is
recommended that you contact an attorney that is experienced in the field of securities arbitration. If you
would like to contact our office for a free initial consultation you may do so by calling us as 330.864.8604
or contact us. Once you have contacted an attorney, he or she will evaluate your case and determine
whether it is worthwhile to proceed.
How does the case proceed?
The process begins when one party files a statement of claim. The opposing party then has an opportunity to
respond. Thereafter, both sides will attempt to come to a settlement agreement. If the parties fail to settle, the
case will go to arbitration.
What is arbitration?
Securities Arbitration is moderated by private, impartial parties who have a particular knowledge of the securities
industry. This avoids unnecessary and expensive litigation in the courts and helps to facilitate a better outcome
for the parties. The Financial Industry Regulatory Authority (FINRA) is the forum for securities arbitration.
The arbitration process has some similarities to court proceedings. There is an exchange of pleadings and
request for information. After preparation, there is a hearing before the arbitration panel, which will eventually
render a decision. This decision has the binding effect of a court order.
Do I have to arbitrate?
Most contracts between brokerage firms and investors include an arbitration clause. This clause requires
arbitration regarding disputes that arise from investment practices. If there is no arbitration clause in the
contract the investor may file in civil court.
How long will this process take?
Most cases are resolved in 2 years. Cases may, however, be resolved faster depending upon many factors
including opposing counsel’s availability, arbitrators’ availability, and whether the case is settled or goes to
arbitration.
How much will the entire process cost?
The client is responsible for all costs and litigation expenses expended on the client's behalf for any items or
services reasonably necessary to properly prepare the case for presentation. These costs generally include,
but are not limited to, costs for the filing fee to FINRA, photocopying, postage, costs of travel, and incidental
travel expenses, and expert and investigation fees. The costs of filing a statement of claim with FINRA is
determined by FINRA and ranges anywhere from $25.00 - $1,800.00, depending on the amount of relief
requested. In some cases, the attorney will charge an investigative fee. Finally, if the attorney is successful
in securing a recovery on the client's behalf, the attorney will take a contingency fee for the services.
What is an investigative fee?
If a client's case is extremely voluminous and/or complex an attorney may charge a fee to thoroughly
investigate the matter to determine a potential case's viability.
What is a contingency fee?
A contingency fee is the lawyer's payment for services rendered. A contingency is a percentage of the
amount of funds that the attorney recovers on behalf of the client and is depended upon a successful outcome
of the case. A contingency fee aligns the attorney's interests with those of the client by giving the attorney an
incentive to recover the highest possible amount for the client because the higher the recovery, the higher the
attorney's fee and, in the event the attorney recovers nothing, the attorney receives nothing. In other words, a
contingency fee protects the client from paying excessive attorney's fees for an undesirable outcome.
What do I do now that I know more about securities litigation?
If you believe you may have a claim, contact our office by phone at 330.864.8604 or contact us for a free
consultation. We look forward to hearing from you.
