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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 91329
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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How long does it take an attorney(and how much should it cost)to

Resolved Question:

How long does it take an attorney(and how much should it cost)to make sure no negative info goes on a terminated employees' U-5? Also, how long would an expungement take, if needed?
Submitted: 1 year ago.
Category: Legal
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking.

Can you please tell us everything that is going on, since cost of an attorney depends on the time it will take them and the time it will take them depends on all of the facts and circumstances of your situation?
Customer: replied 1 year ago.
I was terminated for what the bank called a "controllable loss" and I'm concerned this will show up on my U-5.
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question.

I am afraid though that without knowing the details of how they claim you were liable, it is impossible to tell you how long it will take and what the cost totally will be (so forgive this response for being a bit general, as we do not know enough about your situation). The hourly rate for a decent FINRA attorney would be about $300 per hour. The problem is that the attorney might not even be able to keep that information off of the U-5 because the bank has a legal duty to report. According to FINRA regulations, a Termination Explanation if the reason for termination was “Permitted to Resign,” “Discharged,” or “Other.” FINRA requires member firms to “provide sufficient detail when responding to Form U5 questions such that a reasonable person may understand the circumstances that triggered the affirmative response.” See FINRA Notice 10-39. Further, a member firm “may not parse through the questions in a manner that would allow the firm to avoid responding affirmatively to a question.”

Thus, the bank has to comply with this and your only recourse would be that you would have to actually refute the allegations with evidence and if the bank would not agree, then your attorney has to file an appeal to FINRA to correct and/or expunge your U-5 information. On average we have seen that this can take anywhere from 6 months on a simple case to more than a year on something complicated and the more complicated the more time it takes the attorney. In general we have seen average costs on this upwards of $5000 (again all depends on the actual facts and evidence that they have that the attorney has to refute). Most FINRA attorneys will want a minimum $3000 retainer to take on a case like this, again depending on the facts and evidence in your case.

You have a right under FINRA rules to arbitrate any disagreement regarding contents of the U-5 and that arbitration can take up to 24 months to complete and get a ruling where the arbitration panel can rule to dismiss your claim or find in your favor and order the U-5 either amended or even expunged.




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Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 91329
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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