Resolving a stock broker dispute in Illinois

by Jason Williiam Author

A disagreement in the stock market, suspected fraud and other kinds of stock broker dispute in Illinois is not unheard of. Brokerage firms, sometimes, fail to work out the whole problem in an appropriate manner, leading to a worsening of the situation. That is when you need to consult professionals who specialize in the stock market disputes and are also able to help with FINRA dispute resolution in Chicago.

The entire legal procedure can be time consuming without doubt. And it is also natural to expect a lot of cons that come along with it and you might start losing your patience before you even begin to make your point. That is the reason you should go about dispute resolutions in a systematic, step by step manner.

1. File a statement using the FINRA website.

The idea is to request an arbitration proceeding and for that, a detailed form needs to be filled which clearly outlines the entire situation, including the involvement of all the parties, the cause of dispute and what led to it and finally, a request for relief. Depending on the disputed amount, the resolution can happen either through written statements only or in a very formal, face to face manner.

2. Initiating the service of pleadings.

This step comes after the initial claim has been made and the necessary details have been given out. The service of pleadings includes the sharing of information between the disputing parties about the motions that are being planned or are about to be dismissed. Once this is sorted, a venue for the arbitration panel is decided. Once the panel is formed, their decisions tend to be the final ones, of course after several sessions and discussions, presentation of relevant proof and so on.

3. Pay your fees.

There will be all sorts of dues including the fees for filing the claim, fees for the hearing sessions and so on. You should keep yourself well informed about these dues and make sure to stay in the clear by making all the payments well in time.

Having understood all the necessary steps that would lead you to the actual proceedings of the law, you should remember to follow them in order to avoid any hassles at all. If possible, consulting a professional who is well versed with stock broker disputes and the resolution processes in Illinois would also be a good idea and is often recommended if you are facing such a situation for the first time.