What to Expect During FINRA Arbitration Discovery (And How to Use It to Your Advantage)

If you’re heading into FINRA arbitration, you’re probably wondering what the “discovery” process is all about. Don’t worry – it’s not as scary as it sounds, and it might actually be your best chance to build a winning case.

Discovery is basically the phase where both sides exchange information and documents. Think of it as the investigation phase where you get to see what evidence the other side has, and they get to see yours.

What You Can Request

In FINRA arbitration, you can request documents like:
– Your complete account records
– Internal communications about your account
– The broker’s training records
– Compliance policies and procedures
– Similar customer complaints

The key is being strategic about what you request. An experienced attorney like Robert Pearce at Investors Rights knows exactly what documents are most likely to help your case.

How to Prepare

Start gathering your documents early:
– All account statements and trade confirmations
– Emails and letters with your broker
– Notes from phone conversations
– Any marketing materials you received

The more organized you are, the stronger your case will be.

Common Discovery Disputes

Brokerage firms often try to limit discovery, claiming documents are “privileged” or “irrelevant.” Don’t let them get away with hiding important evidence.

Your attorney should fight for access to all relevant documents, even if the firm doesn’t want to produce them.

The Bottom Line

Discovery can make or break your arbitration case. Use it wisely to gather the evidence you need to prove your claims and hold your broker accountable for their misconduct.