Legal Question in Securities Law in New York
Securities industry Arbitration
I am named in the statement of claim as the broker for the client, but i am Not named as the respondant, the firm is. Working with a new firm now, old firm is demanding payment for any and all costs incured, even though there have not been any yet. I tried to come to an agereement in regards to splitting costs and they are not willing to negotiate, they want me to cover all costs. They are threatening to sue me if i dont. How inforceable is this? and at the end of the day would it make sense to settle with them and cover all costs? or can they sue me?
2 Answers from Attorneys
Re: Securities industry Arbitration
You do not say whether you had a contract with your old firm. The terms of that agreement could shed light on your circumstance. The sensibility of settlement is a function of the amount of money at issue. You will not find an answer on the internet, because the answer depends on the specific facts of your case. You need to consult with an experienced securities arbitration lawyer. If you have questions, my contact information can be found at my web site, which you can Google with the word GelberLaw.
Re: Securities industry Arbitration
Your contractual obligations are likely specified in your representative agreement with your former firm. It may be called something like "Registered Rep. Agreement" or "Independent Contractor Agreement" or something to that effect.
Find it and review it carefully, paying particular attention to any section labeled "Indemnification." If you don't understand it clearly, you should consult with a securities lawyer. Advice as to whether you should enter into a settlement with your former firm, and for what, must be based on your specific situation, and goes beyond the scope of this forum.
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