Securities arbitration lawyer Robert W. Pearce, a Florida based securities lawyer with a practice that is primarily representing investors in FINRA arbitrations against broker dealers and advisors, answers one of the more frequently asked questions: Can I sue my stockbroker?
Video Transcript
My name is Robert Pearce. And the answer is yes, you can sue your stock broker, just not in court anymore. All stockbroker disputes are generally resolved in FINRA arbitrations. The real question is, should I sue my stock broker? And you should only sue your stockbroker if there’s just cause for doing so, and you are truly damaged by that stockbrokers misconduct. Unfortunately, most often investors aren’t able to make the decision as to whether the losses are the subject of stockbroker misconduct or just the market forces. That’s why you need an experience skilled FINRA securities arbitration lawyer, to help you make that decision. There are many different types of stock broker misconduct for which you can sue them: misrepresentations; misleading statements: violation of the “Best Interest Rule”; unsuitable recommendations; failing to execute an order in a timely fashion; breach of fiduciary duty; negligence; mismanagement; and on and on.
And that’s why, again, you need an experience skilled FINRA securities arbitration lawyer to help you decide whether you have a claim. Now, if you have a claim, you can go to FINRA arbitration and get all sorts of remedies. One remedy is rescission, and that is where the stockbroker or the brokerage firm is forced to buy back that bad investment, the investment that was misrepresented, and pay you interest in exchange for return to that investment to them. You could win all sorts of compensatory damages based on all different theories: out of pocket loss measure damages; investment capital losses; and market adjusted measure of damages. You could win punitive damages, attorney’s fees, and interest.
Yes, you can sue your stockbroker, but you need a skilled, experienced FINRA securities arbitration attorney, like myself, to help you make that decision and help you receive all the remedies to which you are entitled.