Big Banks Opposing FINRA Arbitrations
The litigation industry includes many inconsistencies. For examples, big business has tended to work hard to force arbitration on customers. But not always. Today, big banks are opposed to and are trying to stop FINRA arbitrations involving claims of financial fraud. The issues and some history are nicely summarized in a December 1, 2011 AmLaw article by Nate Raymond. Set out below is a list of FINRA awards taken from the article – one can see why banks do not like FINRA arbitrations.
Top Five Securities Arbitration Awards Sanchez et al. v. Enrique Perusquia$429.5MSTMicroelectronics N.V. v. Credit Suisse Securities (USA) LLC406.6MKajeet Inc. v. UBS Financial Services Inc.80.8M212 Investment Corp. et al. v. Myron Kaplan74.8MRosen Capital Partners LPv. Merrill Lynch Professional Clearing Corp.63.7M
Source: Securities Arbitration Commentator Inc.