FINRA Issues Long-Awaited Regulatory Notice in the Highly Restrictive 2023 Expungement Rule Changes
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By Harry A. Jacobowitz, Esq.

The Notice announces an effective date of October 16, 2023 for the new, restrictive rules, beginning a countdown for the last chance to preserve the opportunity to expunge many customer complaints from the Central Records Depository (CRD).

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Ex-Morgan Stanley Broker Asks Court to Invalidate His Promissory Note, Objects to Arbitration of Dispute
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By Harry A. Jacobowitz, Esq.

 A former financial advisor at Morgan Stanley Smith Barney LLC (“MSSB”) has filed a complaint in federal court with implications for the enforceability of promissory notes for MSSB loans to California-based brokers.

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Expungement Update: Few Comments on Amended Proposal. PIABA and NASAA Supportive, But SIFMA Urges Disapproval
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By George H. Friedman, SAA Publisher & Editor-in-Chief

The comment period closed December 7 on FINRA’s proposed changes to its expungement rule filing.

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Arbitration of Investor Claims in an Industry-Sponsored Forum – A Look Back at 20 Years of Lessons
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By Courtney Werning, Dave Neuman, Jorge Riera, and Michael Edmiston[1]

Introduction

Industry-sponsored arbitration has long been the only option for investors who have claims against their financial advisors and brokerage firms.

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FINRA Panel Renders $50+ Million Award Against Hedge Fund and Execs
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By George H. Friedman, SAA Publisher & Editor-in-Chief

As widely reported in the media, a former D.E. Shaw money manager prevailed to the tune of $52.1 million in his defamation claim against the firm and four senior executives.

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Consumer Coalition to SEC: Look Into RIA Use of PDAAs Calling for Non-FINRA Arbitration
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A broad coalition of a dozen consumer advocacy groups – including PIABA – has written to the SEC. urging that the Commission investigate the use by RIAs of mandatory predispute arbitration agreements (“PDAA”) providing for the use of non-SRO arbitration fora,

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