Jan 6, 2022
Claims Dismissed

Reminger Obtains Rare Dismissal of All Claims in FINRA Arbitration in Favor of Broker-Dealer Client

Reminger attorney Sean Needham recently obtained a rare dismissal of all claims asserted in a FINRA arbitration against his independent broker-dealer client, and its registered representative, in a customer dispute seeking more than seven-figures in damage related to the purchase of several alternative investments.

In this regard, the customers claimed, amongst other things, that their accounts were overconcentrated, subject to unsuitable investment recommendations, and lacked supervision as to the five Real Estate Investment Trusts at issue. 

On January 6, 2022, the three-member FINRA Panel issued a decision agreeing with our arguments that the case was ineligible for arbitration as it was filed more than six years after the transactions at issue. After a full telephonic hearing, the Panel issued its Award dismissing all claims against our clients, holding that “any and all claims for relief… including any request for punitive damage, treble damages and attorneys’ fees, are denied.”

A copy of the award can be found here.

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