PIABA Newsroom

COMMENT LETTER: SR-FINRA-2020-041 - Proposed Rule Change To Adopt FINRA Rule 4111 (Restricted Firm Obligations) and FINRA Rule 9561 (Procedures for Regulating Activities Under Rule 4111) (December 28, 2021)
PRESS RELEASE: PIABA: “Breakneck” Rush to Undermine Fiduciary Rule in Waning Days of Current Administration Should be Slowed Down Under New White House (December 16, 2020)
COMMENT LETTER: Regulatory Notice 20-34; Senior Investors Proposed Amendments to FINRA Rule 2165 and Retrospective Rule Review Report (December 4, 2020)
COMMENT LETTER: SR-FINRA-2020-038 - Proposed Rule Change to Amend FINRA Rules 5122 (Private Placements of Securities Issued by Members) and 5123 (Private Placements of Securities)(November 27, 2020)
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In the Media

Wells Fargo ‘Manipulated’ FINRA Arbitration Process: Judge, By Melanie Waddell
ThinkAdvisor (February 2, 2022) - FINRA allowed one lawyer to “secretly red line” the list of arbitrators under consideration, according to a ruling. A judge in Georgia has ruled that Wells Fargo…
FSI Says It Opposes Creation Of Investor Arbitration Pool, By Tracey Longo
Financial Advisor (February 1, 2022) - The Financial Services Institute (FSI), the trade group representing independent financial services firms and advisors, said it opposes proposals to create an…
Group Seeks End To RIAs Forcing Costly Arbitration On Clients, By Tracey Longo
Financial Advisor (January 21, 2022) - The Public Investors Advocate Bar Association (PIABA) says it has begun lobbying the SEC to either do away with the forced arbitration clauses RIAs foist upon…
Crypto and promissory notes are top fraud threats in 2022, By Tobias Salinger
Financial Planning (January 10, 2022) - With faster and more user-friendly investment technology comes greater risks to clients vulnerable to fraud, according to state regulators. Cryptocurrency and…
J.P. Morgan Ordered to Pay $4 Million to Client of Former Star Producer, By Jake Martin
AdvisorHub (December 10) - J.P. Morgan Advisors was ordered to pay $4 million in damages to a former client of a top-producer in San Francisco who has been beset by customer claims over last year’s…
Senior Financial Abuse Fight Needs More Cooperation By Government Agencies, SEC Told, By Ted Knutson
Forbes (December 2, 2021) - The Securities and Exchange Commission was told by experts Thursday greater cooperation between government agencies at the federal, state, and local levels and the private…
Client attorneys say RIAs force disputes into costly arbitration, By Tobias Salinger
Financial Planning (November 23, 2021) - RIA clients seeking compensation for losses as a result of advisors’ harmful conduct may have an even smaller chance of success than customers of dually…
Bill Barring Binding Arbitration Agreements Passes in House Panel, By Alex Padalka
Financial Advisor IQ (November 18, 2021) - The House of Representatives' Financial Services Committee has passed a bill first introduced eight years ago that would prohibit broker-dealers, investment…
Bill to end mandatory arbitration faces steep climb in Senate, By Mark Schoeff, Jr.
Investment News (November 17, 2021) - Democrats back the legislation, but Republicans are united against it. While the measure was passed by a House committee, an advocate calls winning congressional…
Wall Street Is Not Only Rigging Markets, It’s Also Rigging the Outcome of its Private Trials, By Pam Martens, Russ Martens
CounterPunch (November 15, 2021) - When it comes to sycophants, Wall Street has no shortage of them willing to shill for its egregious private justice system called mandatory arbitration – a system…