Assessing Your Claim: When speaking with you, the attorney will begin gathering information from you to properly assess your claim. The attorney will request documents from you such as your statements from the accounts at issue, all account opening documents, and information about your investment history and other investments you may have. After reviewing the documentation, we will advise you as to whether or not we think you have a viable claim. Processing Your Claim: If you have a viable claim, and you wish to file a claim against your investment firm, you will enter into an agreement with our firm to handle the claim on your behalf. We will discuss what experts will be needed in your case, and the expected cost of handling the case. We handle most cases on a contingency fee basis, with the client paying some or all of the arbitration expenses. The attorney will discuss the options with you, and devise an appropriate arrangement taking into account the facts of your particular situation. After conducting a lengthy interview with you to learn more about your history, the attorneys will draft your Statement of Claim which is the first document filed in arbitration. After you have reviewed and agreed to the Statement of Claim, it will be filed with FINRA. At some point after the initial filing, and after your attorneys have reviewed the list of potential arbitrators, FINRA will advise us of the identity of the three arbitrators who will be the judges of our case. The attorneys will begin the discovery process, and retain necessary experts to perform analysis and reports for your case. Mediation: Prior to a hearing in your case, you may be asked to attend a mediation with your attorney. Mediation is an organized settlement conference with a trained mediator who has knowledge of securities claims. The mediator will attempt to help the parties settle your case with the brokerage firm by acting as an unbiased intermediary. Mediation usually takes one day. You will meet with your attorneys prior to the mediation to learn more about the process and to prepare for the day. Whether or not to settle your case will be up to you. Arbitration Hearing: If all settlement attempts fail, the only way to finalize your claim is to present your case to the arbitrators at a hearing, which should last three to four days. Hearings are very much like court trials in that witnesses testify and evidence is presented to the "judges" or arbitrators. The hearings take place in a conference room at either a hotel or conference center. You will testify about the events that took place with your accounts, and why you feel that you should be compensated for your losses. The retained experts will testify about their opinions regarding the way your investments were handled by the brokerage firm. Your attorneys will argue the facts and law of your case. The brokerage firm will present their evidence and witnesses as well, and their attorneys will likewise argue their side of the case. The decision is not handed down by the arbitrators at the actual hearing, but instead in writing sometime after the hearing. The Investment firm is required to pay any awards that have been assessed against them within thirty days of receiving the decision, or Arbitration Award, from the arbitrators. |
