FINRA Claims For Elderly Victims Who Purchased UBS Puerto Rico Bond Funds: Fast Tracked Status
For elderly clients who were victimized by UBS through purchases of UBS Puerto Rican bond funds, certain options exist at FINRA to expedite the resolution of their cases. Since 2004, FINRA has maintianed what some securities fraud clients call a “rocket docket” for elderly victims who wish to sue their broker. FINRA discloses on its website the following:
Various state statutes provide for speedy trials in civil actions involving seniors or seriously ill parties. FINRA recognized a need for expedited hearings in arbitrations involving such parties in its dispute resolution forum. Thus, on June 7, 2004, FINRA implemented various measures to expedite arbitration proceedings in matters involving seniors or seriously ill parties. Under these proceedings, FINRA Dispute Resolution staff (staff) will endeavor to do the following on an expedited basis:
- Complete the arbitrator selection process;
- Schedule the initial pre-hearing conference;
- Serve the final award; and
- Determine whether the parties are interested in mediation.
FINRA attempts in these cases to get the case resolved, through settlement or hearing, within 10 months. Usually, fast tracked status is granted through application for investors over the age of 75. For UBS Puerto Rican clients of an advanced age, this program makes a great deal of sense in order to get a resolution of their case quickly.
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