Litigation is both time-consuming and expensive, which is why we recommend Alternative Dispute Resolution (ADR) through arbitration or mediation whenever possible. Settlements negotiated through ADR limit the expense, stress, time and uncertainty that accompany cases resolved through litigation.
Gaslowitz Frankel partner Robert Port recently helped a client resolve a dispute through arbitration.
The client sought Robert’s help in pursuing claims against their financial advisor, who, through imprudent investments, had lost the majority of the client’s retirement funds in a matter of days. Both the advisor and their employer denied responsibility for the loss and refused to compensate the client for their damages.
Rather than filing suit in state or federal court, Robert filed an arbitration claim against the advisor and their employer, using the Financial Industry Regulatory Authority (FINRA) as the arbitrator.
Among other claims, Robert asserted a claim for “breach of fiduciary duty” against the financial advisor and his employer. The financial advisor was legally obligated to fully understand the investments selected for the client and to act solely in the client’s best interest. It was clear that the investments selected for the client were extraordinarily risky and wholly inappropriate for this client, who was nearing retirement. At arbitration, Robert demonstrated that the financial advisor failed to carefully review the risks of the investment and was therefore at fault for damages.
Robert’s representation enabled the client to settle the matter prior to the final FINRA hearing, and to recover a substantial amount of the damages they suffered. This success, paired with the fact that the case was settled outside of court, made for a very relieved client.
If you are involved in a dispute and want to know whether Alternative Dispute Resolution is right for your situation, Gaslowitz Frankel can help. We have more than 30 years of experience with will, trust, and estate dispute resolutions. Contact us today to find out how we can help.
