Through direct negotiations with counsel for the nation’s largest broker-dealer, the Investor Rights Clinic (IRC) student team of Bailey Somers ’11 and Alexander Nguyen ’12 was able to bring to settlement a client’s case. The matter was scheduled for trial at FINRA in April, 2011. The students represented an individual alleging that his broker had executed a trade without prior authorization. The respondents’ counsel vigorously defended their clients for over a year. However, Somers and Nguyen developed and executed a solid negotiation strategy and, with patience and persistence, achieved a strong settlement for their client.
“This case presented a number of challenges for Bailey and me, but we were able to develop a successful strategy and achieve an acceptable settlement for our client. It was a great learning experience; it gave me a sense of what it would be like to work in a small securities arbitration law firm by allowing me to interview and prepare a client for a hearing, draft motions and pleadings, review discovery documents, prepare a negotiation strategy, and ultimately negotiate a settlement,” said Nguyen.
“Alex and I worked hard to develop our negotiation strategy, and I am pleased that we were able to achieve such a positive result for our client. This case allowed me to participate in the negotiation and settlement process from start to finish, and has been an invaluable learning experience” Somers said.
The IRC is part of BLS Legal Services, Inc., a not-for-profit organization that provides legal services to individuals who have disputes with their brokers or broker-dealers as a consequence of broker misconduct. Disputes are typically resolved through negotiation or mediation, or through a FINRA-sponsored arbitration hearing.
Learn more about the Investor Rights Clinic.