Although the Financial Industry Regulatory Authority (FINRA) is slowly starting to resume in-person hearings, virtual arbitration hearings continue to be an option. Overall, arbitration case filings from January 2021 through November 2021 were down from the same 11-month period in 2020. Let’s take a closer look at some of the most recent FINRA arbitration hearing statistics and what they could indicate about arbitration hearings in 2022.
FINRA Virtual Arbitration Hearings in 2021
FINRA resumed in-person hearings in December 2021. As of December 31, 2021, 635 arbitration cases conducted one or more hearings via Zoom. Of these cases, 269 were customer cases, and 366 were industry cases. Of the 228 customer contested motions for virtual hearings, 61 percent were granted, and 39 percent were denied. Seventy-five percent of intra-industry contested motions for virtual hearings were granted, while 25 percent were denied.
2021 Sees Decrease in FINRA Arbitration Case Filings
In 2021, a total of 2,893 new case filings occurred (1,895 customer-related filings, 998 intra-industry filings). This represents a 25 percent decrease in case filings compared to cases filed during 2020. However, a greater number of cases were closed in 2021 than in 2020 (4,026 compared to 3,564). Customer-related new case filings made up 66 percent of all filings in 2021, in contrast to 53 percent in 2020. As we move into the first quarter of 22, it will be interesting to monitor how the reopening of in-person hearings impacts these numbers and trends.
Talk to a Trusted Securities Law Attorney Today
If you receive correspondence from FINRA informing you of your involvement in an upcoming investigation or hearing, reach out to an experienced securities law attorney right away. It’s normal to feel overwhelmed and anxious about how this notification will affect your career and professional reputation. Before you assume the worst, discuss the situation with your attorney. Together, you can assess your options and determine the most strategic path forward.
Speak with an experienced and friendly securities law attorney by calling Judex Law LLC today at (303) 523-4022.
