Bird Marella attorneys Mark T. Drooks, Elliot C. Harvey Schatmeier, and Alexander H. Tran recently obtained a complete defense victory for a brokerage firm in a FINRA arbitration involving more than $40 million dollars in alleged damages. The case involved allegations that the firm had failed to warn the self-directed investor-claimant about the risks of certain exchange-traded products and that the company’s internal policies violated FINRA rules.
Following four days of evidentiary hearings where the claimant presented his evidence, Bird Marella moved to dismiss the case– arguing that the evidence confirmed that the respondent had complied with and exceeded all regulatory requirements. Although motions to dismiss are rarely granted in FINRA arbitrations, the three-arbitrator Panel unanimously granted Bird Marella’s motion to dismiss the case.
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