On October 26, 2021, a three-member FINRA Panel issued a decision in favor of WSS’ client, an independent broker dealer, in an arbitration brought by a former customer seeking damages in connection with the purchase of several alternative investments including GPB Capital Investments and American Realty Capital Trust.  The Panel found that the case was ineligible for arbitration under FINRA’s rules as it was filed more than six years after the transactions at issue.  The Panel was not persuaded by Claimants’ arguments relating to discovery of damages and tolling.

A copy of the award can be found here.

Derek Anderson, the managing partner of WSS’s Colorado office, handled oral argument.  Jennifer O’Shea, Senior Counsel in the Colorado office, collaborated with Mr. Anderson on briefing these matters.