Litigating a Mega Customer Arbitration

          Cosgrove Law Group, LLC just settled a FINRA matter that had consumed the Firm’s resources for over a year. There were actually four different arbitrations that should have been consolidated and one state court action. The hearing on the first and biggest of the four was to begin today. As such, I now have time to write a quick little blog.

            CLG represented two generations of the same family. All of the family members had a substantial net worth from their hard work at a local family-owned business. In total, the fiduciary investment adviser respondent sold three generations of the family almost 70 different annuities and insurance policies. The Respondents, including a national insurance company, were represented by a large prestigious law firm. It was, to say the least, an epic legal battle with multiple pre-hearing motions and over 50,000 pages of documents exchanged in just a  matter of months. So much for arbitrations being less expensive and more efficient.

            The product sales at issue were embedded in an investment advisory scheme that went back decades in time. So it should be no surprise that one of, if not the seminal, pre-hearing issues was FINRA’s 6-year eligibility rule. Settlement discussions began in earnest once we defeated that substantially dispositive motion.

            Cosgrove Law Group is proud of the result it garnered for its clients. Despite being a small firm, CLG has the resources and commitment to take on any size investment case.