Dispute Between Securities' Brokers Not Subject to FINRA Arbitration

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Valentine Capital Asset Management, Inc. v. Agahi, __ Cal. App. 4th __, 2009 WL 1496819 (June 1, 2009).

Several of our insurer clients who act as broker-dealers in connection with the sale of “securities” find themselves litigating in Financial Industry Regulatory Authority (“FINRA”) (formerly NASD) arbitrations when disputes arise. Sometimes, our insurer clients prefer not to litigate in a FINRA forum under its rules. A very recent California Court of Appeals case discussed the types of disputes that are not subject to FINRA arbitration.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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