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Brokers Dodge Most Customer Complaints: Study

Law360 (September 25, 2007, 12:00 AM EDT) -- Customer complaints against securities brokers have been expunged from the record at an astounding rate, often without any gathering of evidence, according to a study released Monday.

The report, which analyzed 200 stipulated or consent arbitration awards from 2006, found that arbitration panels at the Financial Industry Regulatory Authority had recommended that complaints be expunged more than 98% of the time when brokers had requested that relief.

Furthermore, the study determined that in 71% of those cases, the complaints were expunged without any indication of an...
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