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FINRA can't be sued by fired brokers who claimed they didn't get fair shake at arbitration

Todd Barnett Aug. 1, 2017, 5:30am

A Chicago federal judge has dismissed a lawsuit against the Financial Industry Regulatory Authority Inc. (FINRA), saying the regulatory agency can't be sued by fired brokers who claimed they didn't get a fair shake in arbitration against their former employers.

Former part-time clerk asks judge to rein in UBS' efforts to lasso him in FINRA arbitration worth millions

Dan Churney Sep. 15, 2015, 10:32am

A former clerk with UBS Financial Services in Chicago went to Chicago federal court last week, arguing the Financial Industry Regulatory Authority has no jurisdiction over him in a multi-million dollar arbitration action, brought against him by UBS for allegedly breaching his employment contract. On Sept. 10, Alexander Freund lodged a two-count complaint against New Jersey-headquartered UBS Financial Services, seeking declaratory judgment and an injunction.