Bipartisan Support for Unpaid FINRA Awards Legislation

Possible Solution for Unpaid FINRA Awards

According to reports, Sen. Elizabeth Warren, D-Mass has new support from the other side of the aisle for her legislation regarding unpaid FINRA arbitration awards.

Republican, Sen. John Kennedy of Louisiana, has reportedly agreed to cosponsor Warren’s legislation.

Warren has been openly critical of the issue of unpaid FINRA arbitration awards. Under her bill, the Financial Industry Regulatory Authority Inc. would have to establish a fund financed by FINRA fines to cover awards that firms and brokers fail to pay to customers who win arbitration claims.

According to a May 15 statement, “This bill aims to compensate Americans who have been cheated out of hundreds of millions of dollars,” Mr. Kennedy said. “These investors have already been swindled out of their money once, and thousands of them still haven’t been given their unpaid arbitration. Our bill aims to fix that.”

Supporters are hopeful that the bipartisan support will give the legislation the push it needs to be enacted.

According to FINRA, unpaid arbitration awards from 2012 to 2016 ranged from $14 million in 2016 to $75 million in 2013.

FINRA operates the largest securities dispute resolution forum in the United States. As a regulatory body, FINRA is tasked with governing all business dealings conducted between dealers, brokers and all public investors.

Free Consultation with a Securities Attorney

This information is all publicly available and is provided by The White Law Group. The firm has handled over 600 FINRA arbitration cases, including handling claims against most of the FINRA registered broker-dealers. These cases have included claims for, among other things, unsuitability, fraud, negligence, failure to supervise, and breach of fiduciary duty.

If you have concerns about your investments, please call the securities attorneys of The White Law Group (888) 637-5510 for a free consultation with a securities attorney.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

For more information on The White Law Group, visit https://whitesecuritieslaw.com.