Copyright © 2009 Brian P. Biggins - Cleveland, Ohio Stock Broker Misconduct Lawyer, Stock Broker Fraud Lawyer | Site Design
How do I know 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 you contact an attorney. If you would like to contact our office you may do so by calling us
440.333.9270 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 within 2 ½ years. Cases may, however, be resolved faster depending on 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 investigative fees. The cost of filing a statement of claim with the FINRA
ranges anywhere from $25.00 - $1,800.00, depending on the amount of relief requested. In some cases, the
attorney will also charge a retainer fee. Finally, if the attorney is successful, the attorney will take a
contingency fee for the services.
What is a retainer fee?
If a client's case is extremely voluminous and/or complicated an attorney may charge the client a nonrefundable
retainer fee in order to have an expert evaluate the case.
How much is the retainer fee?
The retainer fee may range anywhere from $1,250.00 - $2,800.00.
What is a contingency fee?
A contingency fee is the lawyer's payment for services rendered. A contingency is a percentage of the
attorney recovers for the client and is dependent on a successful outcome of the case. A contingency fee
gives the attorney the incentive to recover the highest possible amount for the client because the higher the
recovery, the higher the attorney's contingency 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 arbitration?
If you believe you may have a claim, contact our office by phone at 440.333.9270 or toll free 1.877.927.8256 or
contact us for a free consultation. We look forward to hearing from you.
If you are unsure you have a claim or you know you have a claim, but are unsure how to proceed, it is
recommended you contact an attorney. If you would like to contact our office you may do so by calling us
440.333.9270 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 within 2 ½ years. Cases may, however, be resolved faster depending on 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 investigative fees. The cost of filing a statement of claim with the FINRA
ranges anywhere from $25.00 - $1,800.00, depending on the amount of relief requested. In some cases, the
attorney will also charge a retainer fee. Finally, if the attorney is successful, the attorney will take a
contingency fee for the services.
What is a retainer fee?
If a client's case is extremely voluminous and/or complicated an attorney may charge the client a nonrefundable
retainer fee in order to have an expert evaluate the case.
How much is the retainer fee?
The retainer fee may range anywhere from $1,250.00 - $2,800.00.
What is a contingency fee?
A contingency fee is the lawyer's payment for services rendered. A contingency is a percentage of the
attorney recovers for the client and is dependent on a successful outcome of the case. A contingency fee
gives the attorney the incentive to recover the highest possible amount for the client because the higher the
recovery, the higher the attorney's contingency 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 arbitration?
If you believe you may have a claim, contact our office by phone at 440.333.9270 or toll free 1.877.927.8256 or
contact us for a free consultation. We look forward to hearing from you.