On Sept 1, 2016 the Hon. Judge Singh of the New York State Supreme Court Commercial Division ruled in favor of Meissner Associates client denying an Order to Show Cause seeking to avoid the case being heard in FINRA arbitration. As noted in our previous post, the FINRA arbitration claim was filed in April of 2016. Since such time the Respondent broker attempted to avoid the arbitration, first by filing a failed motion with the Director of FINRA and then filing an Order to Show Cause with the NY Supreme Court, which also failed. The Decision in favor of FINRA Attorney Stuart Meissner’s client was notable based on the allegations of actual sexual abuse and sexual harassment of an underling on Wall Street, as such are rarely heard in FINRA arbitration, as most choose to file such claims in Court, distrusting FINRA arbitration, and the instant matter, unlike most, arose out of their employment with their member firm.
The Court held that the Respondent participated in the arbitration by filing and losing the very same motion brought before the Court as that which was previously filed with the Director of FINRA Dispute Resolution, and by filing their Answer in the FINRA Arbitration. As a result of the participation, they cannot now argue the same issue in Court and in effect engage in forum shopping. All industry disputes that are not statutory discrimination claims, and which arise out of the business of the registered representatives or the member firm must be arbitrated in the FINRA forum, where it is essential to have a FINRA Attorney representing you. .
For securities employees who have employment disputes please see our website entirely devoted to such disputes and other FINRA issues.
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