Dispute Resolution Statistics

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Arbitration Statistics Through November

Year New Case Filings Cases Closed Open Cases Turnaround Time (in months)
2016 Total: 3,394
Customer: 2,326 (69%)
Intra-Industry: 1,068 (31%)
3,289 4,765 Overall: 15.1
Hearing Decisions: 16.5
Simplified Decisions: 7.2
2015 Total: 3,135
Customer: 2,132 (68%)
Intra-Industry: 1,003 (32%)
3,174 4,639 Overall: 14.6
Hearing Decisions: 17.9
Simplified Decisions: 8.2
2014 Total: 3,537
Customer: 2,458 (69%)
Intra-Industry: 1,079 (31%)
3,518 4,690 Overall: 14.8
Hearing Decisions: 18.2
Simplified Decisions: 7.8
2016 vs 2015 Total: +8% 
Customer: +9% 
Intra-Industry: +6% 
+4%  +3%  Overall: +3%
Hearing Decisions: -8%
Simplified Decisions: -12%

Historical Statistics for Cases Filed and Closed

Year Cases Filed Cases Closed
2016 3,394 3,289
2015 3,435 3,489
2014 3,822 3,838
2013 3,714 4,498
2012 4,299 4,877
2011 4,729 6,099
Year Cases Filed Cases Closed
2010 5,680 6,241
2009 7,137 4,571
2008 4,982 3,757
2007 3,238 5,345
2006 4,614 7,212
2005 6,074 9,043
Year Cases Filed Cases Closed
2004 8,201 9,209
2003 8,945 7,278
2002 7,704 5,957
2001 6,915 5,582

Top 15 Controversy Types in Customer Arbitrations

A single arbitration case may include multiple controversy types.

Controversy   2016 Cases served 2015 2014 2013 2012
Breach of Fiduciary Duty Through November 1,867 1,721 1,917 1,661 1,944
Year-End 1,867 1,807 2,064 1,802 2,078
Negligence Through November 1,742 1,606 1,842 1,569 1,778
Year-End 1,742 1,667 1,977 1,714 1,903
Failure to Supervise Through November 1,682 1,483 1,613 1,362 1,544
Year-End 1,682 1,554 1,733 1,476 1,650
Misrepresentation Through November 1,550 1,435 1,476 1,379 1,624
Year-End 1,550 1,499 1,593 1,507 1,745
Suitability Through November 1,495 1,293 1,286 1,144 1,254
Year-End 1,495 1,364 1,401 1,243 1,352
Breach of Contract Through November 1,411 1,378 1,635 1,275 1,416
Year-End 1,411 1,444 1,755 1,390 1,513
Omission of Facts Through November 1,294 1,164 1,282 1,129 1,258
Year-End 1,294 1,216 1,384 1,242 1,345
Fraud* Through November 1,209 1,042 10 -- --
Year-End 1,209 1,089 41 -- --
Unauthorized Trading Through November 336 251 218 237 292
Year-End 336 264 239 255 312
Violation of Blue Sky Laws* Through November 312 227 -- -- --
Year-End 312 236 -- -- --
Churning Through November 230 235 191 217 234
Year-End 230 247 213 236 245
Manipulation Through November 218 197 162 145 171
Year-End 218 208 173 161 186
Execution Error Through November 82 89 146 133 131
Year-End 82 96 153 148 149
Margin Calls Through November 79 93 74 46 64
Year-End 79 97 83 55 68
Errors-charges Through November 53 60 62 63 68
Year-End 53 64 71 75 75

* These categories were not tracked for the years in which no data appears.

Top 15 Security Types in Customer Arbitrations

A single arbitration case may include multiple security types.

Security   2016 Cases served 2015 2014 2013 2012
Common Stock Through November 607 568 527 502 621
Year-End 607 610 572 547 669
Municipal Bond Funds Through November 459 577 644 46 44
Year-End 459 607 684 66 49
Municipal Bonds Through November 415 529 523 50 73
Year-End 415 559 553 67 77
Mutual Funds Through November 330 359 353 279 362
Year-End 330 373 369 296 387
Limited Partnerships Through November 183 75 78 79 64
Year-End 183 79 82 84 68
Real Estate Investment Trust Through November 168 181 210 287 275
Year-End 168 191 232 299 299
Corporate Bonds Through November 146 182 61 73 113
Year-End 146 194 66 86 117
Exchange-Traded Funds Through November 127 115 104 92 114
Year-End 127 127 120 99 122
Annuities Through November 112 76 99 104 128
Year-End 112 81 105 111 143
Private Equities Through November 105 89 72 103 123
Year-End 105 92 77 108 129
Variable Annuities Through November 104 102 108 152 203
Year-End 104 104 116 160 217
Options Through November 101 122 127 100 135
Year-End 101 128 143 109 145
Government Securities Through November 93 163 27 20 28
Year-End 93 169 31 25 28
Preferred Stock Through November 69 133 42 78 104
Year-End 69 142 44 86 109
Structured Products Through November 49 25 20 46 104
Year-End 49 25 21 52 109

Top 15 Controversy Types in Intra-Industry Arbitrations

A single arbitration case may include multiple controversy types.

CONTROVERSY   2016 CASES SERVED 2015 2014 2013 2012
Promissory Notes Through November 372 386 441 577 740
Year-End 372 401 476 632 802
Breach of Contract Through November 354 360 346 429 602
Year-End 354 373 347 465 652
Compensation Through November 152 132 142 143 304
Year-End 152 140 146 155 316
Libel/Slander/Defamation Through November 124 112 88 83 89
Year-End 124 115 99 101 109
Wrongful Termination Through November 117 117 75 111 98
Year-End 117 123 79 117 110
Libel or Slander on Form U-5 Through November 115 116 102 95 99
Year-End 115 119 110 99 106
Commissions Through November 57 70 74 82 204
Year-End 57 73 77 85 213
Discrimination* Through November 55 46 42 53 44
Year-End 55 54 43 53 49
Clearing Disputes Through November 38 6 3 1 6
Year-End 38 6 4 1 7
Raiding Disputes Through November 36 37 37 21 38
Year-End 36 40 39 21 41
Misrepresentation Through November 21 16 32 23 24
Year-End 21 17 33 24 24
Suitability Through November 17 1 2 3 1
Year-End 17 1 2 3 1
Breach of Fiduciary Duty Through November 16 26 50 72 136
Year-End 16 28 52 78 143
Indemnification Through November 14 11 16 17 16
Year-End 14 12 16 17 17
Negligence Through November 13 19 23 10 42
Year-End 13 21 25 11 43

* This category combines the following discrimination controversy types: disability, age, gender, race, sexual orientation, national origin, religion, employment discrimination, and sexual harassment. This number does not represent the number of cases served, as one case may have multiple discrimination claims.

How Arbitration Cases Close

Cases Decided by Arbitrators 2016 (% of Cases) 2015 2014 2013 2012
After Hearing 551 (17%) 646 (19%) 683 (18%) 792 (18%) 895 (19%)
After Review of Documents 141 (4%) 182 (5%) 208 (5%) 236 (5%) 182 (4%)
Total 692 (21%) 828 (24%) 891 (23%) 1,028 (23%) 1,077 (22%)
Cases Resolved by Other Means 2016 (% of Cases) 2015 2014 2013 2012
Direct Settlement by Parties 1,633 (50%) 1,716 (50%) 1,942 (51%) 2,336 (52%) 2,414 (50%)
Settled via Mediation 384 (12%) 306 (9%) 329 (9%) 315 (7%) 502 (10%)
Withdrawn 301 (9%) 317 (9%) 358 (9%) 482 (11%) 428 (9%)
All Others 238 (7%) 294 (8%) 290 (8%) 297 (7%) 394 (8%)
Total 2,556 (79%) 2,633 (76%) 2,919 (77%) 3,430 (77%) 3,738 (78%)

Results of Customer Claimant Arbitration Award Cases

Year Decided All Customer Claimant Cases Decided (Hearings & Paper) Percentage Decided of All Customer Claimant Cases Closed Percentage (and Number) of Cases where Customer Awarded Damages
2016 360 16% 39% (142 cases)
2015 455 20% 42% (190 cases)
2014 465 19% 38% (177 cases)
2013 499 18% 42% (212 cases)
2012 570 18% 45% (255 cases)
2011 670 16% 44% (297 cases)

Results of All-Public Panels and Majority Public Panels in Customer Cases

Year Decided Cases Decided by All-Public Panels Percentage (and Number) of Cases Decided by 3 Public Arbitrators where Customer Awarded Damages Cases Decided by Majority-Public Panels Percentage (and Number) of Cases Decided by 2 Public Arbitrators and 1 Non-Public Arbitrator where Customer Awarded Damages
2016 133 42% (56 cases) 69 38% (26 cases)
2015 163 47% (77 cases) 84 45% (38 cases)
2014 135 44% (59 cases) 104 38% (39 cases)
2013 128 43% (55 cases) 107 44% (47 cases)
2012 99 49% (49 cases) 111 33% (37 cases)

Arbitrators by Type and Location

Arbitrator Type Total
Public 3,222
Non-Public 3,856
Total 7,078

Click on each hearing location below to view the number of cases, public arbitrators, non-public arbitrators and public chairs* or view in table format.

* We expand arbitrator pools in select hearing locations as case demand requires.

Mediation Statistics Through November

Year Cases in Agreement Cases Closed (Percent Settled) Turnaround Time (in days)
2016 555 558 (79%) 109
2015 485 441 (79%) 82
2014 408 499 (81%) 105
2016 vs 2015 +14%  +27%  +33%