Special Arbitration Procedures for Investors Involved in Auction Rate Securities Regulatory Settlements
Investors covered by auction rate securities (ARS) final settlements with the regulators identified below may participate in a Special Arbitration Process (SAP) to recover consequential damages. The Special Arbitration Procedures are voluntary. If an investor elects not to take advantage of these special procedures, the investor may pursue all other legal or equitable remedies available including filing a regular arbitration with FINRA.
Eligible investors may choose any SAP associated with their firm. Please review the lists of regulators and firms covered by final settlements before filing a claim.
The SAPs found in the various regulatory settlements are not similar. Provisions for payment of fees, damages, and other procedures may vary from settlement to settlement. You should review all applicable SAPs before filing a claim.
SAP Frequently Asked Questions (PDF 24 KB)
Firms That Have Final Settlements with FINRA
FINRA SAP Rules (PDF 33 KB)
Submission agreement and claim form (PDF 32 KB) for customers of the firms below.
- BNY Mellon Capital Markets, LLC
- City National Securities
- City Securities Corporation
- Comerica Securities, Inc.
- Fidelity Brokerage Services, LLC
- Fifth Third Securities, Inc.
- First Southwest Company
- Harris Investor Services, Inc.
- Janney Montgomery Scott LLC
- M&I Financial Advisors, Inc.
- M&T Securities, Inc.
- NatCity Investments, Inc.
- Northwestern Mutual Investment Services, LLC
- SunTrust Investment Services, Inc.
- SunTrust Robinson Humphrey, Inc.
- WaMu Investments, Inc.
U.S. Securities and Exchange Commission (SEC) Special Arbitration Procedures
SEC SAP Rules (PDF 39 KB)
Firms that have entered into Agreements in Principle with SEC
- Merrill Lynch
Firms That Have Final Settlements with SEC
Submission agreement and claim form (PDF 32 KB) for customers of the firms below.
- Bank of America
- Citigroup Global Markets, Inc.
- RBC Capital Markets Corp.
- TD Ameritrade
- UBS Financial Services, Inc.
- UBS Securities LLC
- Wachovia
State Settlements
The settlements provide for a "special arbitration procedure" administered by FINRA, which may be used by investors attempting to recover consequential damages.
Please visit NASAA's ARS Arbitration Information Center for more information on those special procedures and the settlements listed below.
State Settlements Submission Agreement (PDF 15 KB)
State Settlements Claim Form (PDF 15 KB)
NASAA Settlements:
- Bank of America
- Citigroup
- E*Trade Securities LLC (North Carolina Securities Division) (PDF 252 KB)
- J.P. Morgan
- Raymond James (PDF 649 KB)
- TD Ameritrade
- Wachovia (PDF 697 KB)
- Wells Fargo (Attorney General's Office of California) (PDF 1000 KB)
State of New York Assurances of Discontinuance (Press Release):
- BOA Assurance of Discontinuance
- Citigroup Assurance of Discontinuance
- Credit Suisse Assurance of Discontinuance
- Deutsche Bank Assurance of Discontinuance
- Wachovia Assurance of Discontinuance
- Goldman Sachs Assurance of Discontinuance
- JP Morgan Assurance of Discontinuance
- Merrill Lynch Assurance of Discontinuance
- Morgan Stanley Assurance of Discontinuance
- RBC Assurance of Discontinuance
- UBS Assurance of Discontinuance
Please visit our website often for information on further developments.