The Securities Arbitration Process, Explained
From your first call to the final award: what happens, how long it takes, and what it costs.
Most investors who contact us have never brought a legal claim before. There is no mystery here, no pressure, and nothing you need to prepare before reaching out.
Your Case Will Likely Be Heard in Arbitration, Not a Court
When you opened your account, you almost certainly signed an agreement requiring disputes to be resolved in arbitration. Which forum depends on who harmed you. Claims against brokers and brokerage firms go to FINRA, the Financial Industry Regulatory Authority. Claims against registered investment advisers are usually heard by AAA (the American Arbitration Association) or JAMS, whichever forum your advisory agreement names. Jorge handles all three.
That is not bad news. Arbitration is faster than court, more private, and hearings are held near your home, not in Florida or wherever the firm is headquartered. Jorge represents investors nationwide from Coral Gables because the forum rules make that possible. He also serves as one of only seven Public Members of FINRA's National Arbitration and Mediation Committee, the body that oversees how the FINRA forum works.
The Five Steps of Your Case
Free, Confidential Evaluation
You call (305) 204-9779 or submit the consultation form. Jorge personally reviews every inquiry, not a screener or a paralegal. Most investors hear back within two business days. You tell him what happened; he tells you honestly whether you have a claim worth pursuing. There is no fee and no obligation for this conversation.
Case Review and Engagement
If the case has merit, Jorge requests your account statements and correspondence and analyzes them the way a forensic accountant would, because he is one. As a CPA and former SEC enforcement attorney, he reads trading records for the patterns that prove churning, unsuitability, or unauthorized trading. If you both decide to proceed, you sign a written engagement agreement that spells out the contingency fee and every cost term before anything begins.
Filing the Statement of Claim
Jorge drafts and files your Statement of Claim in the right forum: FINRA for broker and brokerage firm disputes, or AAA or JAMS when your advisory agreement designates those forums. This document tells your story, identifies every violation, and calculates your damages. In FINRA cases the firm then has 45 days to file its answer; AAA and JAMS set comparable response deadlines under their own rules.
Discovery and Arbitrator Selection
Both sides exchange documents under the forum's discovery rules, and the arbitrators are selected: through FINRA's ranking process in broker cases, or under AAA or JAMS procedures in adviser cases. Jorge knows the FINRA system from the inside through his NAMC appointment, and many cases settle during this stage once the firm sees the strength of the evidence.
Hearing and Award
If the case does not settle, it proceeds to a hearing near your home, where Jorge presents your case to the panel. The panel's decision, called an award, is final and binding, and firms must pay awards promptly under FINRA rules.
How Long Does It Take?
12 to 16 monthsMost cases that proceed all the way to a hearing reach that hearing in roughly twelve to sixteen months from filing, and AAA and JAMS cases generally run on similar timelines. Many resolve earlier through settlement.
In FINRA cases, Rule 12206 generally requires claims to be filed within six years of the events at issue. AAA and JAMS have no equivalent eligibility rule, but the statutes of limitations governing your underlying claims may apply. The sooner your case is reviewed, the more options you keep.
Nothing Upfront. Nothing If There Is No Recovery.
Riera Law Firm handles investor claims exclusively on a contingency fee basis. The fee is a percentage of what is recovered for you. There are no hourly charges and no retainers, and if there is no recovery, there is no fee and you owe nothing.
Case costs are paid from the recovery, never out of your pocket, and you will never owe more than the amount recovered. Every term is set out in the written engagement agreement before your case begins.
Case costs and expenses are payable from any recovery as provided in the written engagement agreement.
FINRA Arbitration: Frequently Asked Questions
Your Losses May Be Recoverable. Let's Find Out.
Free, confidential, and reviewed personally by Jorge.
Request a Free Case Evaluation or call (305) 204-9779Former SEC Senior Enforcement Counsel · FINRA NAMC Public Member · Attorney, CPA, CGMA · Investors Only · Contingency