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January 2nd, 2018
securities
ARBITRATION PANEL GRANTS EXPUNGEMENT IN RECENT CASE

Our firm recently obtained an award from a FINRA panel granting a Motion for Expungement.  The claim (Arbitration number 16-01770) was filed in June, 2016 and alleged negligence, breach of fiduciary duty, negligent supervision, and breach of contract.  The claims were related to charges Claimant suffered when he surrendered a fixed annuity and losses he incurred in various types of moderately aggressive investments.

Claimant requested $135,000 in compensatory damages, interest, and costs.  Claimant ultimately settled his claims and we filed a Motion for Expungement.  The panel granted the Motion for Expungement, ordering that the Statement of Claim be expunged from the registered representative’s record because the “claim, allegation or information is false” pursuant to FINRA Rule 2080(b)(1)(C).

The award represents another example of the willingness of arbitration panels to grant Motions for Expungement, even in cases that end in settlement.  While every situation is unique, we encourage our registered representative clients to consider the benefits of seeking expungement of a claim from their CRD records.

The full award can be found via FINRA’s arbitration award database at https://www.finra.org/sites/default/files/aao_documents/16-01770.pdf



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