We members of the Stockmarketloss.com securities litigation group – attorneys Hugh Berkson, and Jay Salamon — are pleased to announce that we have become principals in the prominent Cleveland, Ohio law firm of McCarthy, Lebit, Crystal & Liffman, Co. LPA. We are joined at McCarthy Lebit by our team’s stellar paralegal, Laurie Wilde. With the …
Former Merrill Lynch broker Thomas J. Buck has been named in several complaints, already costing the company over $4.1 million in settlements. Many of the complaints allege that Mr. Buck steered clients toward commission-based accounts versus lower cost fee-based accounts. Highly active accounts quickly racked up charges. Although the settlement amounts seem high, they were …
A report from a FINRA task force recommends 51 changes to the arbitration process. Among these changes is increasing the stipend for arbitrators, explanation of arbitration decisions unless one party opts out, and revamping the expungement process for advisors. It also recommends adding a mediation process to a system. FINRA’s arbitration system has been viewed …
FINRA’s arbitration task force presented 51 recommendations to improve the arbitration process. Of special focus was the issue of the expungement of advisor’s disciplinary records. Hugh Berkson, president of the Public Investors Arbitration Bar Association, discussed the proposals his organization contributed to the process. The current system heavily favors the advisors, leaving their clients with …
FINRA’s dispute resolution process is subject to possible reform. Fifty-one reform recommendations were presented by the regulator’s arbitration task force. A significant focus is on the expungement process, including the development of a special panel of arbitrators to address these cases. Other key recommendations include the addition of a mediation process, increased arbitrator honorarium, and …
We’re proud to report that our partner, Hugh Berkson, has begun his term as President of PIABA, the Public Investors’ Arbitration Bar Association. PIABA, an international bar association with more than 400 members, is the largest US organization of lawyers who represent investors in arbitrations against stockbrokers. PIABA’s mission statement reads: The mission of PIABA …
The Public Investors Arbitration Bar Association (PIABA) believes the SEC should increase the public comment period for the proposed merger of its independent arbitration division of the Financial Industry Regulatory Authority (FINRA) with its regulatory arm. PIABA President Hugh Berkson explains that the change could further reduce investor confidence.
The SEC approved regulations regarding crowdsourcing to allow small businesses to seek funding from ordinary people. Non-accredited investors can now invest up to $2,000 or 5% of their annual income in small scale fundraising projects. Many people are excited about the change, but Hugh Berkson expressed concern for the peril small investors may face.
Investors who use FINRA’s database to research brokers are not getting a complete picture due to the high rate of expungements. Almost 89% of brokers who have had settlements or awards granted to investors had this information removed from their records, making it difficult for investors to know who to trust. “A wholesale change needs …
PIABA recently released a disappointing update to its 2013 report on the expungement of broker records following a settlement. Despite FINRA’s adopting PIABA recommendations two years ago, there continues to be a high rate (89%) of expungements granted. New recommendations were presented and Hugh Berkson stated that the wholesale changes must be made.
