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Virtual Arbitration Hearing Statistics Through February

Contested Motions for Virtual Hearings Granted Denied Open Total
Customer 272 (62%) 169 (38%) 4 445
Intra-Industry 142 (75%) 48 (25%) 1 191
Total Customer and Intra-Industry 414 (66%) 217 (34%) 5 636

Since the postponement of in-person hearings, and as of February 28, 1,308 arbitration cases have conducted one or more hearings via Zoom (536 customer cases and 772 industry cases).

There are 761 total joint motions for virtual hearings. (334 in customer cases and 427 in industry cases).

Arbitration Statistics Through February

Year New Case Filings Cases Closed Open Cases Turnaround Time (in months)
2023 Total: 457
Customer: 287 (63%)
Intra-Industry: 170 (37%)
444 3,069 Overall*: 18.4
Regular Hearing Decisions: 22.3
Special Proceeding Decisions: 3.0
Paper Decisions: 4.7
2022 Total: 380
Customer: 214 (56%)
Intra-Industry: 166 (44%)
614 3,648 Overall*: 17.6
Regular Hearing Decisions: 19.4
Special Proceeding Decisions: 8.1
Paper Decisions: 5.0
2021 Total: 484
Customer: 309 (64%)
Intra-Industry: 175 (36%)
631 4,998 Overall*: 13.5
Regular Hearing Decisions: 15.6
Special Proceeding Decisions: 7.9
Paper Decisions: 6.4
2023 vs 2022 Total: +20%
Customer: +34%
Intra-Industry: +2%
-28% -16%  Overall*: +5%
Regular Hearing Decisions: +15%
Special Proceeding Decisions: -63%
Paper Decisions: -6%

* Includes cases closed for any reason.

Historical Statistics for Cases Filed and Closed 

Year Cases Filed Cases Closed
2023 457 444
2022 2,671 3,564
2021 2,893 4,029
2020 3,902 3,564
2019 3,757 4,011
2018 4,325 3,756
Year Cases Filed Cases Closed
2017 3,456 3,735
2016 3,681 3,635
2015 3,435 3,489
2014 3,822 3,838
2013 3,714 4,498
2012 4,299 4,877
Year Cases Filed Cases Closed
2011 4,729 6,099
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

Top 15 Controversy Types in Customer Arbitrations

A single arbitration case may include multiple controversy types.

Controversy   2023 Cases served 2022 2021 2020 2019
Breach of Fiduciary Duty Through February 238 170 252 282 299
Year-End -- 1,340 1,445 1,714 2,053
Negligence Through February 218 166 233 249 281
Year-End -- 1,261 1,371 1,592 1,826
Breach of Contract Through February 176 132 191 207 232
Year-End -- 1,048 1,110 1,292 1,563
Failure to Supervise Through February 170 143 203 233 259
Year-End -- 1,075 1,218 1,433 1,731
Misrepresentation Through February 157 127 210 236 211
Year-End -- 990 1,181 1,384 1,688
Suitability Through February 145 109 168 223 216
Year-End -- 899 1,071 1,220 1,580
Omission of Facts Through February 141 106 192 204 194
Year-End -- 825 958 1,215 1,468
Fraud Through February 110 84 118 183 210
Year-End -- 699 744 918 1,499
Violation of Blue Sky Laws Through February 78 34 55 58 98
Year-End -- 402 355 338 657
Breach of Regulation BI* Through February 63 7 -- -- --
Year-End -- 216 -- -- --
Manipulation Through February 46 33 54 54 56
Year-End -- 266 285 316 384
Elder Abuse Through February 38 20 21 40 32
Year-End -- 188 162 172 207
Errors-charges Through February 24 22 25 11 12
Year-End -- 99 127 102 98
Unauthorized Trading Through February 23 39 39 34 41
Year-End -- 149 160 190 197
Churning Through February 16 16 19 29 32
Year-End -- 81 112 115 167

*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   2023 Cases Served 2022 2021 2020 2019
Common Stock Through February 76 68 94 57 91
Year-End -- 349 433 385 436
Corporate Bonds Through February 35 6 13 4 16
Year-End -- 239 57 79 74
Real Estate Investment Trust Through February 34 33 75 42 40
Year-End -- 211 429 421 236
Options Through February 33 23 32 22 34
Year-End -- 153 157 180 204
Mutual Funds Through February 31 24 37 31 95
Year-End -- 159 161 177 526
Preferred Stock Through February 17 5 5 5 9
Year-End -- 42 31 37 40
Private Equities Through February 16 22 20 42 18
Year-End -- 146 161 213 149
Exchange-Traded Funds Through February 12 10 14 13 23
Year-End -- 60 76 95 138
Business Development Company Through February 11 18 43 6 5
Year-End -- 88 177 218 26
Limited Partnerships Through February 11 9 17 24 18
Year-End -- 122 134 146 128
Municipal Bond Funds Through February 9 11 12 40 101
Year-End -- 50 57 136 717
Annuities Through February 9 6 9 16 17
Year-End -- 57 98 93 97
401(k) Through February 5 8 6 12 16
Year-End -- 35 41 73 58
Structured Products Through February 5 2 7 8 9
Year-End -- 38 33 35 60
Stock Index Futures Through February 5 0 0 5 4
Year-End -- 8 4 19 10

 

Top 15 Controversy Types in Intra-Industry Arbitrations

A single arbitration case may include multiple controversy types.

CONTROVERSY   2023 Cases Served 2022 2021 2020 2019
Breach of Contract Through February 44 32 53 59 67
Year-End -- 225 268 309 345
Promissory Notes Through February 16 13 21 64 38
Year-End -- 84 126 229 240
Libel or Slander on Form U-5 Through February 16 8 17 33 27
Year-End -- 84 89 148 119
Compensation Through February 14 8 17 32 27
Year-End -- 77 84 135 135
Wrongful Termination Through February 13 5 17 18 21
Year-End -- 50 62 101 102
Libel, Slander, or Defamation Through February 8 14 12 18 36
Year-End -- 69 59 152 135
Commissions Through February 8 6 10 17 15
Year-End -- 37 55 72 82
Discrimination or Harassment Through February 6 2 8 7 11
Year-End -- 25 36 38 46
Raiding Disputes Through February 4 4 2 3 4
Year-End -- 24 13 28 21
Whistleblower Through February 4 -- -- -- --
Year-End -- 5 -- -- --
Indemnification Through February 2 0 1 1 1
Year-End -- 7 6 14 17
Breach of Fiduciary Duty Through February 1 1 5 4 10
Year-End -- 21 23 31 30
Partnerships Through February 1 1 0 4 1
Year-End -- 3 3 15 15
Fraud Through February 1 0 1 4 3
Year-End -- 13 8 16 11
Transfer Through February 1 0 0 1 1
Year-End -- 2 2 1 3

* 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 2023 (% of Cases) 2022 2021 2020 2019
After Regular Hearing 68 (15%) 533 (15%) 497 (12%) 335 (9%) 527 (13%)
After Special Proceeding Hearing 2 (0%) 24 (1%) 34 (1%) 13 (0%) 12 (0%)
After Review of Documents (Paper Cases) 10 (2%) 78 (2%) 102 (2%) 101 (3%) 96 (2%)
Total 80 (18%) 635 (18%) 633 (15%) 449 (13%) 635 (16%)
Cases Resolved by Other Means 2023 (% of Cases) 2022 (% of Cases) 2021 2020 2019
Direct Settlement by Parties 214 (48%) 1,752 (49%) 2,418 (59%) 2,060 (58%) 2,269 (57%)
Settled via Mediation 89 (20%) 700 (20%) 458 (11%) 477 (13%) 513 (13%)
Withdrawn 33 (7%) 290 (8%) 384 (9%) 329 (9%) 343 (9%)
All Others 28 (6%) 175 (5%) 216 (5%) 243 (7%) 203 (5%)
Total 364 (82%) 2,917 (82%) 3,476 (85%) 3,109 (87%) 3,328 (84%)

Results of Customer Claimant Arbitration Award Cases

Year Decided All Customer Claimant Cases Decided (Hearings, Special Procedures & Paper) Percentage Decided of All Customer Claimant Cases Closed Percentage (and Number) of Cases where Customer Awarded Damages
2023 YTD 32 11% 28% (9 cases)
2022 311 13% 36% (111 cases)
2021 328 13% 31% (103 cases)
2020 193 9% 32% (62 cases)
2019 313 13% 45% (141 cases)
2018 359 15% 40% (145 cases)
2017 352 14% 43% (151 cases)

Result of Customer Claimant Arbitration Award Cases (Regular Hearing Only)*

Year Decided Customer Claimant Cases Decided (Hearing Only) Hearing Customer Claimant Cases Where Customer Awarded Damages Hearing Customer Claimant Not Awarded Damages Percentage of Customer Award Hearing Cases
2023 YTD 22 8 14 36%
2022 237 92 145 39%
2021 231 86 145 37%
2020 120 41 79 34%
2019 241 109 132 45%
2018 274 115 159 42%
2017 272 122 150 45%

*The data in this chart includes cases dismissed prior to the hearing on the merits, and are counted as cases in which the customer claimant was not awarded damages.

Awards on the Merits of the Case with One or More Zoom Evidentiary Hearings*

Year Decided Customer Claimant Cases Decided Customer Claimant Cases Where Customer Awarded Damages Customer Claimant Not Awarded Damages Percentage of Customer Claimant Cases Where Customer Awarded Damages
2023 13 7 6 54%
2022 116 51 65 44%
2021 136 60 76 44%
2020 30 12 18 40%

*The data in this chart excludes cases dismissed prior to the hearing on the merits.

Awards on the Merits of the Case with In-Person Evidentiary Hearings*

Year Decided Customer Claimant Cases Decided Customer Claimant Cases Where Customer Awarded Damages Customer Claimant Not Awarded Damages Percentage of Customer Claimant Cases Where Customer Awarded Damages
2023 6 1 5 17%
2022 74 34 40 46%
2021 46 22 24 48%
2020 34 17 17 50%

*The data in this chart excludes cases dismissed prior to the hearing on the merits.

Result of Customer Claimant Arbitration Award Cases (Special Proceeding Hearing Only)

Year Decided Customer Claimant Cases Decided (Special Proceeding Only) Special Proceeding Customer Claimant Cases Where Customer Awarded Damages Special Proceeding Customer Claimant Not Awarded Damages Percentage of Customer Award Special Proceeding Cases
2023 YTD 2 0 2 0%
2022 19 7 12 37%
2021 16 2 14 13%
2020 5 1 4 20%
2019 8 1 7 13%

Result of Customer Claimant Arbitration Award Cases (Paper Only)

Year Decided Customer Claimant Cases Decided (Paper Only) Paper Customer Claimant Cases Where Customer Awarded Damages Customer Claimant Not Awarded Damages Percentage of Customer Award Paper Cases
2023 YTD 8 1 7 13%
2022 55 12 43 22%
2021 81 15 66 19%
2020 68 20 48 29%
2019 64 31 33 48%
2018 85 30 55 35%
2017 80 29 51 36%

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
2023 YTD 14 36% (5 cases) 1 100% (1 case)
2022 141 42% (59 cases) 51 37% (19 cases)
2021 139 39% (54 cases) 46 30% (14 cases)
2020 76 33% (25 cases) 26 23% (6 cases)
2019 149 53% (79 cases) 47 28% (13 cases)
2018 158 42% (67 cases) 58 47% (27 cases)
2017 137 48% (66 cases) 71 37% (26 cases)

Arbitrators by Type and Location

Arbitrator Type Total
Public 3,987
Non-Public 4,231
Total 8,218

Number of Cases and Arbitrators* per Hearing Location Through February.

Click on each hearing location below to view the number of cases and a breakdown of available arbitrators by type. View in table format.

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

* Arbitrators can serve in multiple hearing locations, thus, these figures cannot be totaled to produce the overall number of arbitrators on the roster.
** These figures include the arbitrators designated on the Local Public Chair list.
*** These figures include the arbitrators designated on the Non-Local Public Chair list.

Special Arbitrator Roster

Arbitrator Pool Name Public Chairpersons Public Arbitrators Non-Public Arbitrators
Puerto Rico Bond Fund 211 709 590

Mediation Statistics Through February

Year Cases in Agreement Cases Closed (Percent Settled) Turnaround Time (in days)
2023 118 103 (83%) 131
2022 154 100 (93%) 143
2021 75 73 (81%) 97
2023 vs 2022 -23% +3%  -8% 

Pre-Arbitration Requests for Mediation Through February

Year to Date Number of Requests* Parties Agreed (%)
2023 34 6 (18%)
2022 31 6 (19%)
2021 46 11 (24%)

* As of January 1, 2020, Number of Requests only includes cases subject to FINRA’s jurisdiction. Previously, these statistics included all requests to mediate, including those not subject to FINRA’s jurisdiction.