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Home  /  Discovery

Discovery

Discovery in Securities Arbitrations

One of the main differences between Securities Arbitration and traditional litigation in Court is that discovery is limited to basic documentary evidence. The parties are encouraged to cooperate in the exchange of relevant documents in a timely fashion. Depositions, for example, while prevalent in traditional court proceedings, are not used regularly (FINRA 12510), and may only be authorized in extremely complex scenarios or in situations involving the severe illness or death of a party.

The FINRA Discovery Guide lays out a list of documents that are discoverable in a case between a party and a financial professional. The parties are required to voluntarily produce these documents no later than sixty (60) days after the Statement of the Answer was to be filed. If for some reason the documents cannot be produced within the time allotted, the non-complying party must fully explain why they are not available and when they will be made so or object, per FINRA 12508 to the request. Any paperwork submitted with blacked-out sections (“redactions”) must clearly state that the document has been “redacted”

Additional discovery requests may be made on the defendant forty-five (45) days after the Statement of Claim is served on the defendant. Since interrogatories are not permitted in the Arbitration process, these additional requests must not require long written responses or be unduly numerous whenever possible. The party served with the request for additional documentation has sixty (60) days in which to produce, explain why not available or object to the request itself.

In accordance with FINRA 12511, the Arbitration Panel is vested with the power to severely punish those parties who do not fully and expeditiously reply to discovery requests; assess monetary fines; and ultimately dismiss an entire case, a defense, or a claim by either party if the egregious nature of the delay warrants such action according to the panel.

While a subpoena is unnecessary for parties to the action, it can be served on third parties for the purposes of testimony or the production of relevant documents. If a party wishes to object to the subpoenaing of the third party they must do so within ten (10) days and at which point the Chairperson makes a ruling on admissibility.

Twenty (20) days before the beginning of the actual Evidentiary Hearing each party must disclose all witnesses and relevant documents not previously introduced. Any documentation not submitted at the time required may be banned from admission unless good cause is shown to explain its original omission.

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CLIENT TESTIMONIALS

" Last year I was injured in an accident, and for the first time, needed the advice of an attorney regarding how to proceed. I was referred to Thomas Gallivan through a family member who is a lawyer in Massachusetts. I am beyond pleased with how Thomas handled my case. He was knowledgeable, professional, and although the case was not as straightforward as some, he used every resource to ensure a positive outcome. Thomas communicated with me regularly and I felt completely informed and confident in his ability. He expertly negotiated a fair settlement that I was very happy with. The entire experience was extremely positive, during a stressful time for me. Thank you Thomas. "

Melanie

" Attorney Thomas Gallivan is a wonderful attorney!! I particularly liked his professionalism, consistency, always kept us updated on the case, and available upon request. He worked extremely hard and was persistent on getting the best settlement in a timely matter. I truly appreciated his prompt responsiveness to emails and phone calls. The office staff was very pleasant and made sure to get messages to him asap. Glad we chose this law firm, would highly recommend and in the event that we ever need an attorney again, Gallivan & Gallivan would be my primary choice. "

Katherine R.

" I was a passenger on a motorcycle and ended up falling off the back of the bike due to the driver acting like an idiot. I fell off at a high rate of speed and was very banged up. Fractured wrist and road rash down my back and elbows. I am lucky I didnt die. Not knowing what to do I contacted Thomas and he could not have been anymore helpful!! He went out of his way to meet with me. He actually came to my house for the initial consultation. I know nothing about law or what my options even were. He took me through everything step by step. "

Colin W.

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