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Expert Analysis

Expungement Is Difficult — Don't Make It Worse

Law360, New York (October 22, 2013, 7:46 PM EDT) -- Goaded by the Public Investors Arbitration Bar Association (PIABA) into a snipe hunt for the still-elusive improper expungement of valid customer claims from any broker's public record, FINRA has recently issued a "Notice to Arbitrators and Parties on Expanded Expungement Guidance."[1] In an effort to address a non-existent problem, FINRA's "Expanded Expungement Guidance" creates problems of its own. Namely, it appears to direct arbitrators to make inferential leaps from unsupported allegations regarding matters not before the arbitrators and to inquire into confidential negotiations often outside of the broker's knowledge. FINRA's effort is misguided....

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