Frequently Asked Questions
Q. My broker traded without my authority, can I be reimbursed for my losses? Answer: Yes. Unless you have provided trading authority to your broker in advance, and in writing, you can recover your losses resulting from unauthorized trades.
Q. Can I sue my broker or brokerage in court? Answer: In most cases, you are not allowed to file a civil action in court. Virtually all client agreements with brokerages require any dispute to be resolved in an arbitration forum.
Q. How much will it cost to prosecute a claim against my brokerage? Answer: Most claims are prosecuted via a FINRA claim. FINRA stands for Financial Industry Regulatory Authority. FINRA filing fees range from $500 - $2,000.
Q. Do I need an attorney? Answer: You are not required to retain an attorney. However, you can be certain the brokerage or broker will retain an attorney. You should retain an experienced securities dispute attorney.
Q. How much are attorney fees in these types of cases? Answer: Investment Recovery Counsel usually works via a contingency fee agreement. In most cases, Investment Recovery Counsel charges 30 - 40 % of any amount recovered. You are not subject to hourly attorney fees.
Q. How do I know if I have a good case? Answer: Investment Recovery Counsel can review the facts and circumstances of your dispute and provide you with a good idea whether or not you have a claim worth pursuing. Investment Recovery Counsel has reviewed thousands of disputes over 20 plus years.