FINRA U5 Litigation
Were you terminated by a FINRA member firm and concerned that your Form U5 filing is improper and harming your ability to work in the industry?
False or incomplete FINRA Form U5 termination explanations can be devastating to a Registered Representative's career.
The Financial Industry Regulatory Authority (FINRA) requires its members to file a Form U5 Uniform Termination Notice any time one of its Registered Representative leaves the firm. If a Registered Representative is involuntarily terminated or permitted to resign, the member firm must explain the reasons for the termination on the U5.
The termination explanation is placed on the Registered Representative’s permanent Central Registration Depository (CRD) record and, in some circumstances, may even be publicly viewable on FINRA’s BrokerCheck site.
An unfavorable termination reason on a Form U5 may affect a Registered Representative’s ability to find a new employer, harm their relationships with existing and prospective clients, and otherwise damage their professional reputation.
FINRA rules allow Registered Representatives to file arbitration claims seeking expungement, damages, and other relief against member firms that put inaccurate or incomplete information on their Form U5 termination disclosures.
Attorney Jeffrey Kmoch has extensive experience litigating claims challenging Form U5 filings. If you believe your Form U5 is inaccurate, incomplete, or improper, call today for a free consultation.
FINRA claims are subject to statutes of limitations and eligibility deadlines, so time may be of the essence.