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Showing posts from February, 2022

Finra Hires Law Firm to Review

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According to an announcement by the regulator, the Financial Industry Regulatory Authority hired an outside firm to review its selection procedures for arbitrators in a controversial case. Finra, who previously denied any flaws in its process hired Lowenstein Sandler lawyers after harsh criticism from plaintiffs lawyers and politicians. This was based on a Georgia judge's decision to vacate an award in favour of Wells Fargo. Judge said Finra and Wells Fargo had a secret agreement to strike arbitrators from a neutral listing and challenged the fairness of this process. Finra Hires Law Firm to Review Public Investors Advocate Bar Association reiterated the concerns of the state court judge. They called for an "immediate investigation" by Securities and Exchange Commission and hearings at Congress. Senator Elizabeth Warren (D.Mass.) also supported the request. Rep. Katie Porter (D.Calif.), in a February 10 letter to Robert Cook. Cook stated that the company takes this matter