Attorney prevailed after a two-week FINRA arbitration.
Attorney prevailed after a two-week FINRA arbitration. Although the arbitrators issued a monetary award in favor of the investor, the amount of the award was approximately 25% of the amount that the investor was seeking (not including punitive damages and attorney's fees) and was much less than the amount offered and rejected in settlement discussions. The attorney was also successful in defending a claim that one of the real estate investment trust products sold to the investor was offered to the public in violation of Securities and Exchange Commission and FINRA rules and regulations should not have been offered to any investor, anywhere in the United States, by a broker or brokerage firm (as compared to being allegedly inappropriate for this investor only). It was vitally important to successfully defend this allegation as it may prevent a class action against the client.