Blog by Bill Singer Esq WEEK IN REVIEW

November 27, 2021

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Two Wall Street professionals were accused by two customers of having engaged in some seven years of account mismanagement. The two industry reps denied the customers' allegations, climbed into the old FINRA arbitration ring, went the distance, and emerged victorious -- a tad bloody and battered for their efforts but still standing.
In a stunning FINRA intra-industry arbitration victory in 2019, a former UBS registered representative was awarded over $11.5 million for Form U5 defamation and attendant harm. Then came the appeal. Two state courts affirmed the Award. Notably, the appellate court refused to bite on UBS's bait that so-called public policy gave it broad license when it came to posting disclosures about an associated person's conduct.
There are times when you read something and you think it says something. Then you re-read that same document and realize that you inferred quite a bit that was not stated or implied. Then your re-read that document, yet again, and realize that it doesn't actually say anything and, in truth, is pointless. All of which brings us to today's featured FINRA Arbitration Award.