When you are in an employment dispute with your former brokerage firm or financial planning institution, you may be considering bringing legal action against them. There are a couple of different ways you can do so, including arbitration and litigation.
Below, we go into further detail about the differences between the two and what to expect if you decide to proceed with a FINRA arbitration hearing.
Generally speaking, there are two routes you can take to resolve your financial industry employment dispute. You can bring your case to court, or you can attend arbitration.
Though filing a lawsuit is certainly a possibility, it may be in your best interests to choose arbitration if you want to get your claim settled sooner. Additionally, arbitration is typically much more cost effective than if you were to decide to pursue a civil claim. However, may individuals are hesitant to move forward with arbitration, as the arbitrators’ decision will be final and binding.
After you have initiated your Financial Industry Regulatory Authority (FINRA) arbitration request, you’ll be given a hearing. Your case will then be heard by a panel of arbitrators.
Your employer will then have the opportunity to plead their case before the arbitrators retire to review the details of your case. Keep in mind that while arbitration is generally much faster than litigation, it may still take up to eighteen months to receive a decision.
If you have made the decision to pursue a FINRA arbitration claim against your employer due to an employment dispute involving the financial industry, schedule a free consultation with a FINRA employment lawyer at Meissner Associates. You can visit our website or give our office a call at 212-764-3100 to set up yours.
