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Virtual Arbitration Hearing Statistics Through December

Contested Motions for Virtual HearingsGrantedDeniedOpenTotal
Customer290 (62%)175 (38%)2467
Intra-Industry156 (76%)50 (24%)0206
Total Customer and Intra-Industry446 (66%)225 (34%)2673

Since the postponement of in-person hearings, and as of December 31, 1,886 arbitration cases have conducted one or more hearings via Zoom (694 customer cases and 1,192 industry cases).

There are 797 total joint motions for virtual hearings. (349 in customer cases and 448 in industry cases).

Arbitration Statistics Through December

YearNew Case FilingsCases ClosedOpen CasesTurnaround Time (in months)
2023Total: 3,382
Customer: 1,891 (56%)
Intra-Industry: 1,491 (44%)
3,0273,411Overall*: 14.6
Regular Hearing Decisions: 17.3
Special Proceeding Decisions: 8.2
Paper Decisions: 5.0
2022Total: 2,671
Customer: 1,693 (63%)
Intra-Industry: 978 (37%)
3,5643,099Overall*: 18.3
Regular Hearing Decisions: 19.8
Special Proceeding Decisions: 7.3
Paper Decisions: 5.1
2021Total: 2,893
Customer: 1,895 (66%)
Intra-Industry: 998 (34%)
4,0293,916Overall*: 15.4
Regular Hearing Decisions: 18.1
Special Proceeding Decisions: 8.8
Paper Decisions: 5.1
2023 vs 2022Total: +27%
Customer: +12%
Intra-Industry: +52%
-15%+10% Overall*: -20%
Regular Hearing Decisions: -13%
Special Proceeding Decisions: +12%
Paper Decisions: -2%

* Includes cases closed for any reason.

Historical Statistics for Cases Filed and Closed 

YearCases FiledCases Closed
20233,3823,027
20222,6713,564
20212,8934,029
20203,9023,564
20193,7574,011
20184,3253,756
YearCases FiledCases Closed
20173,4563,735
20163,6813,635
20153,4353,489
20143,8223,838
20133,7144,498
20124,2994,877
YearCases FiledCases Closed
20114,7296,099
20105,6806,241
20097,1374,571
20084,9823,757
20073,2385,345
20064,6147,212

Top 15 Controversy Types in Customer Arbitrations

A single arbitration case may include multiple controversy types.

ControversyTime Period2023 Cases served2022202120202019
Breach of Fiduciary DutyThrough December1,5181,3401,4451,7142,053
Year-End--1,3401,4451,7142,053
NegligenceThrough December1,4081,2611,3711,5921,826
Year-End--1,2611,3711,5921,826
Failure to SuperviseThrough December1,1291,0751,2181,4331,731
Year-End--1,0751,2181,4331,731
Breach of ContractThrough December1,0951,0481,1101,2921,563
Year-End--1,0481,1101,2921,563
MisrepresentationThrough December1,0789901,1811,3841,688
Year-End--9901,1811,3841,688
SuitabilityThrough December9318991,0711,2201,580
Year-End--8991,0711,2201,580
Omission of FactsThrough December8818259581,2151,468
Year-End--8259581,2151,468
FraudThrough December6876997449181,499
Year-End--6997449181,499
Violation of Blue Sky LawsThrough December414402355338657
Year-End--402355338657
Breach of Regulation BI*Through December408216------
Year-End--216------
ManipulationThrough December273266285316384
Year-End--266285316384
Elder AbuseThrough December212188162172207
Year-End--188162172207
Unauthorized TradingThrough December175149160190197
Year-End--149160190197
Errors-chargesThrough December1329912710298
Year-End--9912710298
ChurningThrough December9181112115167
Year-End--81112115167

*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.

SECURITYTime Period2023 Cases Served2022202120202019
Common StockThrough December393349433385436
Year-End--349433385436
Mutual FundsThrough December294159161177526
Year-End--159161177526
Corporate BondsThrough December236239577974
Year-End--239577974
Real Estate Investment TrustThrough December197211429421236
Year-End--211429421236
OptionsThrough December121153157180204
Year-End--153157180204
Private EquitiesThrough December120146161213149
Year-End--146161213149
Exchange-Traded FundsThrough December95607695138
Year-End--607695138
Variable AnnuitiesThrough December81487595109
Year-End--487595109
AnnuitiesThrough December7857989397
Year-End--57989397
Municipal Bond FundsThrough December755057136717
Year-End--5057136717
Preferred StockThrough December7342313740
Year-End--42313740
Limited PartnershipsThrough December68122134146128
Year-End--122134146128
401(k)Through December5035417358
Year-End--35417358
Structured ProductsThrough December4738333560
Year-End--38333560
Business Development CompanyThrough December458817721826
Year-End--8817721826

 

Top 15 Controversy Types in Intra-Industry Arbitrations

A single arbitration case may include multiple controversy types.

CONTROVERSYTime Period2023 Cases Served2022202120202019
Breach of ContractThrough December294225268309345
Year-End--225268309345
Promissory NotesThrough December15484126229240
Year-End--84126229240
Libel or Slander on Form U-5Through December1048489148119
Year-End--8489148119
Libel, Slander, or DefamationThrough December916959152135
Year-End--6959152135
CompensationThrough December747784135135
Year-End--7784135135
Wrongful TerminationThrough December665062101102
Year-End--5062101102
CommissionsThrough December3637557282
Year-End--37557282
Discrimination or Harassment*Through December2525363846
Year-End--25363846
Raiding DisputesThrough December2424132821
Year-End--24132821
Breach of Fiduciary DutyThrough December1421233130
Year-End--21233130
IndemnificationThrough December12761417
Year-End--761417
WhistleblowerThrough December125------
Year-End--5------
MisrepresentationThrough December712125729
Year-End--12125729
FraudThrough December61381611
Year-End--1381611
NegligenceThrough December51491717
Year-End--1491717

* 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 Arbitrators2023 (% of Cases)2022202120202019
After Regular Hearing436 (15%)533 (15%)497 (12%)335 (9%)527 (13%)
After Special Proceeding Hearing17 (1%)24 (1%)34 (1%)13 (0%)12 (0%)
After Review of Documents (Paper Cases)77 (3%)78 (2%)102 (2%)101 (3%)96 (2%)
Total530 (18%)635 (18%)633 (15%)449 (13%)635 (16%)
Cases Resolved by Other Means2023 (% of Cases)2022 (% of Cases)202120202019
Direct Settlement by Parties1,496 (50%)1,752 (49%)2,418 (59%)2,060 (58%)2,269 (57%)
Settled via Mediation489 (16%)700 (20%)458 (11%)477 (13%)513 (13%)
Withdrawn265 (9%)290 (8%)384 (9%)329 (9%)343 (9%)
All Others213 (7%)175 (5%)216 (5%)243 (7%)203 (5%)
Total2,463 (82%)2,917 (82%)3,476 (85%)3,109 (87%)3,328 (84%)

Results of Customer Claimant Arbitration Award Cases

Year DecidedAll Customer Claimant Cases Decided (Hearings, Special Procedures & Paper)Percentage Decided of All Customer Claimant Cases ClosedPercentage (and Number) of Cases where Customer Awarded Damages
2023 YTD27414%24% (67 cases)
202231113%36% (111 cases)
202132813%31% (103 cases)
20201939%32% (62 cases)
201931313%45% (141 cases)
201835915%40% (145 cases)
201735214%43% (151 cases)

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

Year DecidedCustomer Claimant Cases Decided (Hearing Only)Hearing Customer Claimant Cases Where Customer Awarded DamagesHearing Customer Claimant Not Awarded DamagesPercentage of Customer Award Hearing Cases
2023 YTD2005914130%
20222379214539%
20212318614537%
2020120417934%
201924110913245%
201827411515942%
201727212215045%

*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 DecidedCustomer Claimant Cases DecidedCustomer Claimant Cases Where Customer Awarded DamagesCustomer Claimant Not Awarded DamagesPercentage of Customer Claimant Cases Where Customer Awarded Damages
202353213240%
2022116516544%
2021136607644%
202030121840%

*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 DecidedCustomer Claimant Cases DecidedCustomer Claimant Cases Where Customer Awarded DamagesCustomer Claimant Not Awarded DamagesPercentage of Customer Claimant Cases Where Customer Awarded Damages
202391345737%
202274344046%
202146222448%
202034171750%

*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 DecidedCustomer Claimant Cases Decided (Special Proceeding Only)Special Proceeding Customer Claimant Cases Where Customer Awarded DamagesSpecial Proceeding Customer Claimant Not Awarded DamagesPercentage of Customer Award Special Proceeding Cases
2023 YTD150150%
20221971237%
20211621413%
202051420%
201981713%

 

Result of Customer Claimant Arbitration Award Cases (Paper Only)

Year DecidedCustomer Claimant Cases Decided (Paper Only)Paper Customer Claimant Cases Where Customer Awarded DamagesCustomer Claimant Not Awarded DamagesPercentage of Customer Award Paper Cases
2023 YTD5985114%
202255124322%
202181156619%
202068204829%
201964313348%
201885305535%
201780295136%

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

Year DecidedCases Decided by All-Public PanelsPercentage (and Number) of Cases Decided by 3 Public Arbitrators where Customer Awarded DamagesCases Decided by Majority-Public PanelsPercentage (and Number) of Cases Decided by 2 Public Arbitrators and 1 Non-Public Arbitrator where Customer Awarded Damages
2023 YTD12232% (39 cases)4626% (12 cases)
202214142% (59 cases)5137% (19 cases)
202113939% (54 cases)4630% (14 cases)
20207633% (25 cases)2623% (6 cases)
201914953% (79 cases)4728% (13 cases)
201815842% (67 cases)5847% (27 cases)
201713748% (66 cases)7137% (26 cases)

Arbitrators by Type and Location

Arbitrator TypeTotal
Public4,071
Non-Public4,180
Total8,251

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

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.

Mediation Statistics Through December

YearCases in AgreementCases Closed (Percent Settled)Turnaround Time (in days)
2023637617 (85%)121
2022746803 (91%)127
2021617616 (89%)140
2023 vs 2022-15%-23% -5% 

Pre-Arbitration Requests for Mediation Through December

Year to DateNumber of Requests*Parties Agreed (%)
2023**21780 (37%)
202216735 (21%)
202119540 (21%)

* 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.

** 2023 statistic includes 50 pre-filings that are part of a global mediation.