On behalf of a broker-dealer, bank, Chief Compliance Officer and Financial Advisor, KYL attorneys Ryan Lean and Bryce Cullinane recently obtained the prehearing dismissal of a $113 million FINRA arbitration claim in its entirety, with prejudice. The claimants, a real estate developer and its president, filed their lawsuit in court in 2017, and KYL compelled the matter to arbitration. The firm obtained the prehearing dismissal of the Financial Advisor pursuant to FINRA’s “six-year rule” (Rule 12206) in February 2019. After numerous discovery motions over the course of more than a year, the Panel dismissed all the remaining claims with prejudice pursuant to Rule 12212(c), as a discovery sanction against the claimants. The Panel also assessed 100% of the discovery hearing fees to the claimants.
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