Finra chicago

FINRA also provides the parties with the opportunity to mediate their dispute with the brokerage firm prior to the case going to hearing. FINRA maintains a roster of experienced FINRA mediators and that process is pretty successful in getting a case resolved satisfactorily prior to going to the full hearing.

FINRA does not order the parties to mediation. Instead, it is voluntary and agreed to by the parties, which is why it works better than mediation ordered by a court of judge as part of a scheduling order. Mediation works best when both parties seek it out. The prehearing exchange is where each party submits their witness list and provides any documents they intend to use at hearing that have not been produced yet in discovery.

Usually, the parties will submit prehearing briefs at this point too where each side presents the facts and applies them to the applicable law. The arbitration hearing itself is where witnesses will testify and attorneys will present evidence and make their arguments on behalf of their clients. Many refer to is as trial by ambush — the lack of any testimony from any witnesses prior to this point in the case means no one knows what any witness is going to say.

FINRA arbitration lawyers have to be uniquely skilled in trying cases through documents and being able to box witness testimony inside what the documents show. In court, a trial lawyer almost always has the deposition transcripts of every witness in hand to challenge any testimony on the spot that varies from what a witness previously said under oath. Once the hearing concludes, the arbitrators have thirty days to issue their award.

It will be a simple form that states whether the claim is denied, or if not, how much money the arbitrators awarded. These awards are final and absent truly extraordinary circumstances, will not be overturned by a court of law. We have represented more than 2, individual investors and secured over fifty million dollars in recovery for our clients.

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