Dunn quoted in Advisor Hub – “Brokers Sue FINRA, Credit Suisse over Arbitration Shopping”

Brokers Sue Finra, Credit Suisse over Arbitration Shopping

by Jed Horowitz, June 2, 2017

In a scenario that Kafka might have created had he ever thought about the retail brokerage industry, nine advisors in Chicago have sued the Financial Industry Regulatory Authority in an attempt to have it declare its authority in arbitrating disputes between them and their former employer.

The spark for the suit, filed in Illinois state court on Friday, was a “blizzard” of previously unreported correspondence that Credit Suisse Securities (USA) sent to former brokers in mid-May seeking return of alleged overpayments they collected before they moved to other firms and/or payment due on promissory notes, according to Nicholas Iavarone, a lawyer for the brokers.

The disputes follow Credit Suisse’s decision last year to shutter its U.S. brokerage operations and steer its approximately 250 advisors to Wells Fargo Advisors. When scores of brokers went to rivals, it withheld deferred compensation they had accumulated and filed a raiding complaint against UBS’s U.S. broker-dealer.

In Texas, meanwhile, another lawyer representing 15 former Credit Suisse advisors said his clients also have tired of waiting for Finra.

“I’ve filed six suits, three in Houston and three in Dallas, to have my clients’ disputes resolved exclusively through a Finra arbitration because it doesn’t look like Finra is going to act on this anytime soon,” said Rogge Dunn, an employment lawyer at Rogge Dunn Group in Dallas. His clients now work at UBS, Merrill Lynch and even Wells Fargo Advisors, he said.

See the Article in its entirety

Advisor Hub site

MEDIA

Former Copart HR exec alleges discrimination, harassment, and retaliation
READ MORE
Rogge Dunn on CBS News Texas Live from Ukraine
READ MORE
RDG Dines with Purpose for Ukrainian Civilians
READ MORE
Rogge Dunn Files Lawsuit on Behalf of Former Corporate President Over Confidentiality Breach
READ MORE
Rogge Dunn Represents Former Copart Executive in Gender Discrimination Lawsuit
READ MORE
Rogge Dunn Named to Lawdragon’s 500 Leading Corporate Employment Lawyers for 2025.
READ MORE
TRO Victory: Collin Quigley Secures Court Win for Physician Client
READ MORE
Rogge Dunn – Fox 4 News Resource
READ MORE
Rogge Dunn Featured in Lawdragon: The Power of Persuasion in Trial Law
READ MORE
Attorney Rogge Dunn on “Skip a Payment” Mortgage Refinancing Scheme with D Magazine
READ MORE
Renowned Attorney Rogge Dunn Discusses Landmark RICO Lawsuit Against GlobalTranz on 2 Dawgs 1 Podcast
READ MORE
Rogge Dunn Named to D CEO Hall of Fame in Lawyer Category.
READ MORE
Rogge Dunn on Deferred Pay Battle Heats Up As Ex-Merrill Advisors Lob Fresh Claims
READ MORE
The Psychology of Persuasion with Rogge Dunn
READ MORE
Celebrating Dallas: A Love Letter from Rogge Dunn
READ MORE
Dept. of Labor enacts new Fiduciary Rule for Retirement Accounts
READ MORE

Contact Us Today!

Contact us to learn how we can help answer your legal questions.

FILL OUT FORM