A securities arbitration hearing is somewhat similar to a courtroom trial, though generally it will take far less time, and it is not as formal. With securities laws, FINRA (Financial Industry Regulatory Authority) rules, and many other procedures and regulations at play, these matters can be difficult even for a seasoned broker to understand.
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At Crary Buchanan, our Port St. Lucie legal team is committed to skillfully representing investors, brokers, or advisors. We are backed by more than 85 years’ experience, and we can build compelling cases as we utilize our extensive resources to investigate securities arbitration claims. Beyond a history of success, our firm has been recognized time and again for our ethics and legal talent. We are thoroughly prepared to help you in your arbitration hearing.
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Before a securities arbitration hearing starts, an arbitrator or panel of arbitrators will be selected and appointed by FINRA. Whether the parties take part in selecting the arbitrator or arbitrators will depend on the value of the claim. The goal in putting together the panel is to have an unbiased group able to fairly decide on the case’s outcome. A prehearing “discovery” with exchange of documents is also allowed. In securities arbitration, this is generally kept to a minimum.
During the hearing, the parties involved with the arbitration may have their attorneys with them, but these parties must still respond to any questions asked of them. In an arbitration hearing, the chair presides over the entire process. The chair will introduce the panel, the parties, and their respective legal counsels. He or she will also explain the procedures of the arbitration hearing. After swearing or affirmation of the parties and any witnesses, the witnesses will be excused until they are called to testify.
The first person to testify is the party bringing the charge, or the complainant. The complainant may give evidence and witness testimony to validate his or her claim. The other party, called the respondent, is allowed to question the other side and any testifying witnesses. Once this cross-examination has ceased, the respondent has a chance to present any evidence and testimony. The complainant’s side is then allowed to investigate the respondent’s side through similar cross-examination methodology.
After both sides have finished, panel members may question anyone who has testified during the hearing. Closing statements by each party follow questions from the panel. The chair will then allow the panel to break from the hearing to decide on the award. The arbitrator or panel of arbitrators overseeing the hearing will then make a legally binding decision on the matter. Due process must always be followed in an arbitration hearing; if either party feels the hearing was not equitable, they may request a procedural review.
If you or someone you know is seeking securities arbitration, it is important to enlist an experienced Port St. Lucie lawyer. Daunting though the arbitration process may be, our lawyers are ready to come away with optimal results. We hold to the highest ethical and professional standards, and this can make all the difference in your case.
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