Account-Holder or Not, FINRA Member Firms Are Required to Arbitrate Selling Away Cases

Account-Holder or Not, FINRA Member Firms Are Required to Arbitrate Selling Away Cases

Most, but not all, investment-related disputes between investors and brokerage firms are eligible for FINRA arbitration. Eligibility is clear cut when the investor and the brokerage firm have a written agreement to arbitrate, but when there is no written agreement, eligibility depends on whether or not the investor is a “customer”…

Mika Meyers Recovers $800,000 on Behalf of Retired Investor in Suitability Case

Mika Meyers Recovers $800,000 on Behalf of Retired Investor in Suitability Case

Following a four-day arbitration hearing in Detroit, Mika Meyers’ attorneys, Dan Broxup and Nikole Canute, obtained an $800,000 settlement on behalf of a retired investor in a suitability and breach of fiduciary duty case. The settlement amount was more than five times the out-of-pocket loss. The investor alleged that his stockbroker/investment…