Complaint to the NASD

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Nov 16, 2005 9:25 pm

Any qualified legal opinions appreciated.  I have a client that has sued my firm.  In the legal complaint filed with the NASD it names my firm but not myself as defendant.  For whatever reason this client chose to leave my name out.  Any reason you can think of why?  Because I am not a defendant, can the NASD, or my firm, attach this to my permanent record u-4 or u-5? 

Nov 17, 2005 8:08 am

The exact same thing happened to a broker in my office.  The firm settled in arbitration.  No record was ever entered for the broker.

Nov 23, 2005 6:01 pm

Since you can be added to the case as it progresses (assuming the
statute of limitations doesn't run out), you may wish to retain your
own counsel so that you have someone with your interest in mind looking
at the case.  This case is probably more important to you than to
the firm, so you may not want to be dependent upon them.  Deciding
whether to hire an atty probably depends upon the seriousness of the
claims.