Answers to Your Questions About Securities Arbitration
Because most brokerage firms include arbitration clauses in their customer agreements, you have probably already waived your right to a trial. The Law Firm of David R. Chase, P.A., handles almost all of our cases in arbitration. After reviewing the following frequently asked questions regarding securities arbitration, contact us in Fort Lauderdale, Florida, to schedule a free initial consultation.
What is arbitration?
Arbitration is a method of resolving a dispute by referring it to an impartial third party panel, which is agreed upon by those involved in the dispute. It is similar to a trial, except the judge and jury are replaced by a panel of one to three arbitrators.
How long does arbitration take?
Arbitration is usually much faster (and more affordable) than civil court. The average length of time from the initial filing to the first hearing is approximately one year. A securities arbitration hearing can last anywhere from one day to several weeks.
Where is the arbitration proceeding held?
There are designated arbitration hearing locations in every U.S. state.
How much can you recover?
There are several damages and fees which you may be able to recoup if you were a victim of securities fraud. At the very least, we will pursue recovery of the money you invested less the returns and residual value of the investment. Possible damages include:
- Out-of-pocket losses
- Punitive damages
- Attorneys' fees
- Prejudgment interest
How much will it cost me? What is your attorney's fee and what are the costs involved?
- Most cases are handled on a contingency basis — meaning if there is no recovery, you owe no attorney's fees or costs.
- Depending upon the particular facts of a case, the attorney's fee contingency percentage will range between 30% to 40% of the recovery.
- Arbitration costs are paid to third-parties and include a filing fee for FINRA, hearing session costs, in certain cases an account analysis and expert witness fees, along with document copying expenses. If the case settles before a final hearing, costs may range from $3,500 to $5,000. If the case goes to a final hearing (trial), costs may range from $10,000 to $15,000.
Our principle lawyer, David Chase will gladly discuss the potential costs and attorney fees in more detail during your free initial consultation.
Call The Law Firm of David R. Chase, P.A., at 866-457-2847 or contact us online.