Tag Archives: arbitration

Maurice Wutscher’s Brady Hermann Quoted About Brokers’ Efforts to Vacate FINRA Award

Feb. 24, 2022 ­— Maurice Wutscher attorney Brady Hermann was quoted in a recent AdvisorHub article about two brokers’ attempt to vacate a Financial Industry Regulatory Authority award denying their request to expunge termination language their former employer included on their Form U5.

The brokers argued the award, issued in November 2021 by a FINRA panel, should be vacated as the arbitrator who chaired the panel failed to disclose his prior work for their former employer.

Mr. Hermann said an arbitrator’s failure to disclose his contract work for the company over a decade ago was unlikely to be considered a substantial relationship with a party and, therefore, they were unlikely to succeed on vacating the award.

Brady Hermann is senior counsel in the Boston and New York offices of Maurice Wutscher LLP. He regularly represents financial services companies including banks, broker-dealers, financial advisors, financial asset buyers and third party debt collectors in individual, class action and regulatory matters. He has successfully represented clients throughout the country against claims for violations of securities laws, the Fair Debt Collection Practices Act, the Telephone Consumer Protection Act, the Fair Credit Reporting Act, and various state consumer protection statutes.

Maurice Wutscher’s Brady Hermann Quoted About Brokers’ Promissory Note Cases

Jan. 17, 2022 ­— Maurice Wutscher attorney Brady Hermann was quoted in a recent AdvisorHub article about promissory note cases involving brokers who leave for competing firms and the risks brokers face in fighting them.

“It’s not uncommon for a departing broker to try to extricate themselves from note obligations, even though counterclaims are rarely successful and often lead to a broker paying more than if they had reached an agreement with their firm when they left,” Mr. Hermann said.

“’These tend to be very clear cut cases and usually result in the broker being liable for significantly more than the outstanding balance on the note since arbitration panels typically award firms interest, costs and attorneys’ fees pursuant to the terms of the promissory notes,’” he said.

Brady Hermann is senior counsel in the Boston and New York offices of Maurice Wutscher LLP. He regularly represents financial services companies including banks, broker-dealers, financial advisors, financial asset buyers and third party debt collectors in individual, class action and regulatory matters. He has successfully represented clients throughout the country against claims for violations of securities laws, the Fair Debt Collection Practices Act, the Telephone Consumer Protection Act, the Fair Credit Reporting Act, and various state consumer protection statutes.

Maurice Wutscher’s Brady Hermann Quoted About Broker Arbitration Challenges

Dec. 20, 2021 ­— Maurice Wutscher attorney Brady Hermann spoke to AdvisorHub recently about the challenges a broker will face moving to vacate an arbitration award based on arbitrators allegedly excluding certain evidence at the hearing.

“Winning a motion to vacate would likely be even more of an uphill battle given courts’ reluctance to supersede arbitrator decisions and the high bar for vacature under the Federal Arbitration Act,” Mr. Hermann told AdvisorHub. “’This is a very difficult standard to meet.’”

Brady Hermann is senior counsel in the Boston and New York offices of Maurice Wutscher LLP. He regularly represents financial services companies including banks, broker-dealers, financial advisors, financial asset buyers and third party debt collectors in individual, class action and regulatory matters. He has successfully represented clients throughout the country against claims for violations of securities laws, the Fair Debt Collection Practices Act, the Telephone Consumer Protection Act, the Fair Credit Reporting Act, and various state consumer protection statutes.

Maurice Wutscher’s Brady Hermann Quoted About Finra Zoom Arbitration Hearings

Sept. 7, 2021 ­— Maurice Wutscher attorney Brady Hermann is quoted in an AdvisorHub article regarding a reluctance among lawyers to use Zoom in Finra arbitration hearings.

From the beginning of the pandemic in March 2020 through July 31, 2021, data from the Financial Industry Regulatory Authority show that in 57%, or 453, of the 792 cases in arbitration, one of the parties objected to having the hearing on Zoom, opting to delay until in-person hearings resumed.

Finra resumed in-person hearings on Aug. 2 but still gives the option for a Zoom hearing if both parties agree.

Mr. Hermann, who represents broker-dealers at Finra arbitration, said “[m]ost parties are not going to be in favor of it.”

“Over Zoom, attorneys find it difficult to read body language, to make sure everyone’s paying as close attention as they should,” he said. “It makes it a little bit more difficult, making sure everybody’s looking at the right exhibit or the right section of each exhibit.” 

Brady Hermann is senior counsel in the Boston and New York offices of Maurice Wutscher LLP. He regularly represents financial services companies including banks, broker-dealers, financial advisors, financial asset buyers and third party debt collectors in individual, class action and regulatory matters. He has successfully represented clients throughout the country against claims for violations of securities laws, the Fair Debt Collection Practices Act, the Telephone Consumer Protection Act, the Fair Credit Reporting Act, and various state consumer protection statutes.