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U-5 Defamation Claims

By  of Shustak Reynolds & Partners, P.C. posted on Monday, September 22, 2014.

“My first response was to sue her for defamation of character,
but then I realized I have no character.”
Charles Barkley

The Uniform Termination Notice for Securities Industries Registration (Form U5) includes all customer complaints, securities licenses, registrations, and amendments. Whether you are a financial or investment advisor, a securities broker, or a registered financial representative, when someone has a U5 defamation claim, you need the assistance of a firm that can represent your interests.

If your former brokerage firm files a Form U5 on you, the information that they share becomes a matter of permanent record. In most cases, getting your Form U5 requires an arbitration proceeding through FINRA.

What About Misleading or False Form U5 Info?

While Charles Barkley’s quip may be humorous as a self-deprecating witticism, when a defamation claim is filed against you it can have legitimate long-term affects on your career.

Form U5’s filed on terminated employees end up at the Central Registration Depository (CRD). From there your Form U5 could be accessed by potential securities industry employers. In addition to your CRD file, some of the information your former employer claimed about you may be exposed to the public via FINRA’s BrokerCheck system.

What happens when a firm or broker-dealer’s U5 reports contain defamatory information about you? Certainly a falsified or misleading U5 can cause damage to your reputation and affect keep you from future opportunities in your industry.

What To Do About U5 Defamation

If you have been the victim of a false, misleading, or defamatory Form U5 filing, we can help you petition to have the erroneous language removed or changed. In addition, if defamation is a legitimate claim, we may be able to help you pursue money damages for potential loss of wages.

Legal Experience That Matters

While our past success does not guarantee future victories, you would know Shustak Reynolds & Partners’ results include one of the largest libel jury verdicts ever awarded in New York.

The seasoned and proficient team at Shustak Reynolds & Partners, P.C. have extensive experience with U-4 and U-5 CRD defamation and expungement law.  Let us help your registered investment representatives keep their CRDs while clearing records of customer complaints and other negative reports. Contact our attorneys today to get started.

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