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.
Thank you so much for using JustAnswer.com. I truly aim to please you as a customer, but please keep in mind that I do not know what you already know or don't know, or with what you need help, unless you tell me. If I did not answer the question you thought you were asking, please respond with the specific question you wanted answered. PLEASE use REPLY to EXPERT if you would like more information or if you feel something was not included in your answer.
Kindly remember the ONLY WAY experts receive any credit at all for spending time with customers is if you click on OK, GOOD or EXCELLENT SERVICE even though you have made a deposit or are a subscription customer. YOU MUST COMPLETE THE RATING FOR THE EXPERT TO XXXXX CREDIT, if not the site keeps your money on deposit.
Also remember, sometimes the law does not support what we want it to support, but that is not the fault of the person answering the question, so please be courteous.