Civil cases against financial advisors could be on public record and less expensive
By Hicbd
Fri Nov 11 2022 9:44 am
"If you believe you lost lots of money because your financial adviser was negligent, reckless or dishonest, you might want to try suing. But when you hired the adviser, you had to sign a kind of contract called an investment advisory agreement. That document usually says any disputes between you and the adviser must be resolved in arbitration rather than in court...Unlike a court proceeding or arbitrations run by the Financial Industry Regulatory Authority, Wall Street’s self-regulator, no aspect of cases heard by JAMS is public record. With extremely rare exceptions, neither are AAA cases. And they can be bloodcurdlingly expensive."
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