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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