Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Is It Necessary Under Rule 2080 to Obtain Court Confirmation of an Expungement Award?
Author: Scarinci Hollenbeck, LLC
Date: September 26, 2022
Key Contacts
Back
Simply put, the answer is yes. FINRA Rule 2080 (“Rule 2080”) is complex and must be followed properly to obtain expungement of a customer complaint from an individual’s BrokerCheck report
Rule 2080 requires that a court of competent jurisdiction (state or federal court) confirm an expungement award before FINRA will remove a customer complaint from an individual’s BrokerCheck report and the Central Registration Depository (“CRD”). This includes arbitration awards issued after a decision on the merits and awards in which the parties have agreed to expunge customer dispute information as part of a settlement.
Rule 2080’s requirement is somewhat confusing given that the arbitration award is administered by a FINRA arbitration panel, however, FINRA will not honor the expungement under a court confirms its legitimacy. Additionally, the petition to confirm the arbitration award must name FINRA as a defendant in the petition to confirm the award, or request FINRA to waive that requirement.
What Happens Next in the Expungement Process?
The process of confirming an arbitration award is cumbersome and can be frustrating for an individual who was awarded expungement of a customer complaint. It is an additional legal process that requires an attorney who is knowledgeable about the various pitfalls in the confirmation process.
Although the battle for the award is won, the war is not over until the arbitration award is confirmed.
Call (201) 896-4100 or email info@sh-law.com to contact the Securities Litigation and FINRA Arbitration attorneys at Scarinci Hollenbeck, LLC.
- Practices: Securities Litigation & FINRA Arbitrations
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Failing to Comply With NJ Rent Control Exemption May Prove Costly
What Developers Need to Know About New Jersey’s Rent Control Exemption Law to Ensure Entitlement to Exemption for Newly Constructed Multi-family Housing. A property owner in Jersey City is facing a $400 million federal class action lawsuit alleging that the landlord did not follow the procedural steps required to be eligible for exemption from local […]
Author: Patrick T. Conlon
Crypto Securities Law: When Tokens Become Investment Contracts
The application of traditional federal securities laws to crypto assets continues to evolve. In some cases, the Securities and Exchange Commission (SEC) considers tokens and other digital assets to be securities. This makes them subject to federal securities law, including the Securities Act of 1933 and the Securities Exchange Act of 1934. This classification has […]
Author: Bryce S. Robins
The Due Diligence Process for NY Condominiums and Cooperatives
While the New York City real estate market can be extremely competitive, moving too quickly often backfires. Before purchasing a condominium or cooperative in New York City, it is important to do you homework. Purchasing property in NYC can involve a dizzying number of legal issues. These include condo and co-op rules, rent restrictions, and […]
Author: Jesse M. Dimitro
Smart Contract Legal Issues: Drafting Agreements for Blockchain
Smart contracts feature a unique blend of legal agreement and technical code. This innovation has the potential to reshape how business is conducted. At the same time, smart contract legal issues around enforceability, jurisdiction, identity, and compliance are common. The legal framework for these self-executing agreements is still evolving. What Are Smart Contracts? Smart contracts, […]
Author: Bryce S. Robins
Are Stay Interviews the Key to Retaining Top Talent?
Retaining top talent continues to be one of the greatest challenges facing employers today. Even in an employer’s market, the loss of a key employee can disrupt operations and result in significant costs. While compensation plays a role, long-term retention often depends on workplace culture, communication, and employee engagement. One increasingly popular strategy for improving […]
Author: Angela A. Turiano
Why Secured Transactions Are Important
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.