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According to FINRA, Through July 2023, there were 1,914 new cases filed for arbitration. 163 customer claimant cases had been decided through July 2023 and in 26% of those cases, customers were awarded damages. [53] [54] [48] FINRA rates any positive award to a customer as a win for the customer, regardless of the magnitude of losses or legal fees.
The United States Arbitration Act (Pub. L. 68–401, 43 Stat. 883, enacted February 12, 1925, codified at 9 U.S.C. ch. 1), more commonly referred to as the Federal Arbitration Act or FAA, is an act of Congress that provides for non-judicial facilitation of private dispute resolution through arbitration.
Archinaco also handled the case of John Carl v. AllianceBernstein and Lewis Sanders that resulted in a $12 million verdict for Carl in FINRA arbitration including $2 million in punitive damages. [3] It is believed to be the largest single-Claimant paid verdict in FINRA history with no appeal ever being filed.
FINRA also has a search tool called BrokerCheck where you can find out if any disciplinary action has been taken against an adviser; it also has a list of brokers who have been barred.
Doctor's Associates, Inc. v. Casarotto, 517 U.S. 681 (1996): Montana law requiring disclosure of arbitration clauses to be "typed in underlined capital letters on the first page of the contract" preempted by FAA; [1] however, upheld authority of courts to refuse to enforce arbitration clauses on grounds of "generally applicable contract ...
Green Tree Financial Corp-Ala. v. Randolph, 531 U.S. 79 (2000), is a decision by the United States Supreme Court.The case dealt with the enforceability of arbitration agreements that did not discuss the cost of the arbitration itself and with the finality of certain arbitration decisions.
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Smith v. Spizzirri, 601 U.S. ___ (2024), was a United States Supreme Court case in which the Court held that, when a court finds that a lawsuit involves an arbitrable dispute and a party has requested a stay of the court proceeding pending arbitration, Section 3 of the Federal Arbitration Act compels the court to issue a stay, and the court lacks discretion to dismiss the suit.