Securities Arbitration Lawyers BlogFINRA Introduces Faster Case Filing And Arbitration
Investors who want to file a FINRA arbitration and are aged 70 or over or have severe health conditions will soon be able to file a more expedited claim.
After March 30, 2026, FINRA rule changes accelerate the process for these claimants. Affidavits or medical records are not needed to request an expedited claim. Only certification of a claimant’s health condition is necessary. Once the Director determines a claimant’s eligibility, the claim can proceed.
FINRA previously allowed for expedited claims. However, these updates decrease the deadline for some submissions to facilitate accelerated case processing for those who meet the criteria. This includes:
- Accelerated Arbitrator Ranking: FINRA should expedite issuing the arbitrator ranking
- Answers will be due within 30 days instead of the current 45 days
- Arbitrator Ranking Lists will be due in 10 days instead of the current 20 days
- Discovery deadlines are also shortened with Discovery Guide 12506. That is:
- Responses are due in 35 days instead of the current 60 days
- Other discovery request responses are due in 30 days instead of the current 60 days
The process is nearly identical to the one currently in place. The shortened deadlines can help bring cases to a resolution sooner.
How Long Does FINRA Arbitration Take?
FINRA arbitration takes an average of 18 months. Once a claimant (or their legal counsel) files an arbitration claim, the next steps are the same as outlined above, including arbitrator selection by both sides.
Arbitration has either one or three neutral arbitrators:
- Claims of $50,000 or less follow “simple arbitration,” where one arbitrator decides the claim based only on documents filed in the case
- Claims valued between $50,000 and $100,000 are also resolved by a single arbitrator and include an evidentiary hearing.
- Claims valued over $100,000 are resolved by a panel of three arbitrators and include an evidentiary hearing.
FINRA generates and sends a list of available arbitrators from its own database to the parties. This list includes information about their backgrounds, previous decisions, and FINRA awards. Based on this information, the parties rank the arbitrators, and FINRA assigns them accordingly.
Once the appropriate arbitrator(s) are appointed, the prehearing conference is scheduled to set dates for upcoming hearings, establish deadlines for motions and discovery, and establish the case’s framework.
Following the discovery, scheduled hearings take place. When the hearings end, the arbitrator(s) decide if an award should be issued and in what amount. The decision is issued within 30 days of the final hearing and is final. The broker and/or broker-dealer involved will have 30 days to pay the award to the claimant.
Need Help With A FINRA Arbitration Action?
If you fall within FINRA’s new expedited criteria, you may qualify for an accelerated case. We are happy to help you and can determine if you are eligible for an expedited filing.
Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida, and represent investors nationwide to help recover investment losses from stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 to discuss your legal options.