Securities Arbitration Cases for Retirees
Continuing our conversation of Securities Arbitration cases for defrauded retirees, the common plaintiff in these cases all share similar characteristics:
• The individual has taken early retirement in the past three to five years
• The person purchased a variable annuity with retirement funds which was then placed in an individual retirement account (IRA) or;
• The retirement fund consisted of a cost-basis employer stock plan which was then converted to a rollover IRA or;
• The individual was advised to invest retirement funds into leveraged funds.
Due to the fact that numerous securities companies engage in the sale of these products, there is no common defendant to file claims against. Individuals will be dealing with different securities firms depending on their location, employer, and other factors. A commonality does exist, however, in that the cases must be brought before the Financial Industry Regulatory Authority, or FINRA, for resolution. FINRA was created as the dispute resolution forum after the merger of NASD and NYSE in 2007.
As we have explained in previous blog articles, arbitration is not an easy road to navigate. Arbitration cases have their own procedures, norms, and culture and it is of the utmost importance to find an attorney who is familiar with the process and has a good track record both in court and in arbitration.
We have found that retiring airline pilots, railroad workers and manufacturing employees who have taken early retirement are the most likely candidates to be defrauded. If your situation matches the circumstances described above, we urge you to contact one of the experienced attorneys at the Louthian Law Firm as soon as possible. We offer free case consultations and our attorneys can offer you more information about the securities litigation services that our firm provides.
