2016 Dispute Resolution Statistics

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Arbitration Statistics Through December

Year New Case Filings Cases Closed Open Cases Turnaround Time (in months)
2016 Total: 3,681
Customer: 2,519 (68%)
Intra-Industry: 1,162 (32%)		 3,635 4,679 Overall: 15.2
Hearing Decisions: 16.7
Simplified Decisions: 7.0
2015 Total: 3,435
Customer: 2,336 (68%)
Intra-Industry: 1,099 (32%)		 3,489 4,604 Overall: 14.6
Hearing Decisions: 17.9
Simplified Decisions: 8.2
2014 Total: 3,822
Customer: 2,662 (70%)
Intra-Industry: 1,160 (30%)		 3,838 4,673 Overall: 14.8
Hearing Decisions: 18.1
Simplified Decisions: 7.8
2016 vs 2015 Total: +7%
Customer: +8%
Intra-Industry: +6%		 +4% +2% Overall: +4%
Hearing Decisions: -7%
Simplified Decisions: -15%

Historical Statistics for Cases Filed and Closed

Year Cases Filed Cases Closed
2016 3,681 3,635
2015 3,435 3,489
2014 3,822 3,838
2013 3,714 4,498
2012 4,299 4,877
2011 4,729 6,099
Year Cases Filed Cases Closed
2010 5,680 6,241
2009 7,137 4,571
2008 4,982 3,757
2007 3,238 5,345
2006 4,614 7,212
2005 6,074 9,043
Year Cases Filed Cases Closed
2004 8,201 9,209
2003 8,945 7,278
2002 7,704 5,957
2001 6,915 5,582

Top 15 Controversy Types in Customer Arbitrations

A single arbitration case may include multiple controversy types.

Controversy Time Period 2016 Cases served 2015 2014 2013 2012
Breach of Fiduciary Duty Through December 2,002 1,807 2,064 1,802 2,078
Year-End 2,002 1,807 2,064 1,802 2,078
Negligence Through December 1,862 1,667 1,977 1,714 1,903
Year-End 1,862 1,667 1,977 1,714 1,903
Failure to Supervise Through December 1,802 1,554 1,733 1,476 1,650
Year-End 1,802 1,554 1,733 1,476 1,650
Misrepresentation Through December 1,670 1,499 1,593 1,507 1,745
Year-End 1,670 1,499 1,593 1,507 1,745
Suitability Through December 1,606 1,364 1,401 1,243 1,352
Year-End 1,606 1,364 1,401 1,243 1,352
Breach of Contract Through December 1,495 1,444 1,755 1,390 1,513
Year-End 1,495 1,444 1,755 1,390 1,513
Omission of Facts Through December 1,394 1,216 1,384 1,242 1,345
Year-End 1,394 1,216 1,384 1,242 1,345
Fraud* Through December 1,301 1,089 41 -- --
Year-End 1,301 1,089 41 -- --
Unauthorized Trading Through December 362 264 239 255 312
Year-End 362 264 239 255 312
Violation of Blue Sky Laws* Through December 344 236 -- -- --
Year-End 344 236 -- -- --
Churning Through December 254 247 213 236 245
Year-End 254 247 213 236 245
Manipulation Through December 236 208 173 161 186
Year-End 236 208 173 161 186
Execution Error Through December 85 96 153 148 149
Year-End 85 96 153 148 149
Margin Calls Through December 84 97 83 55 68
Year-End 84 97 83 55 68
Errors-charges Through December 56 64 71 75 75
Year-End 56 64 71 75 75

* These categories were not tracked for the years in which no data appears.

Top 15 Security Types in Customer Arbitrations

A single arbitration case may include multiple security types.

Security Time Period 2016 Cases served 2015 2014 2013 2012
Common Stock Through December 646 610 572 547 669
Year-End 646 610 572 547 669
Municipal Bond Funds Through December 480 607 684 66 49
Year-End 480 607 684 66 49
Municipal Bonds Through December 433 559 553 67 77
Year-End 433 559 553 67 77
Mutual Funds Through December 352 373 369 296 387
Year-End 352 373 369 296 387
Limited Partnerships Through December 199 79 82 84 68
Year-End 199 79 82 84 68
Real Estate Investment Trust Through December 184 191 232 299 299
Year-End 184 191 232 299 299
Corporate Bonds Through December 154 194 66 86 117
Year-End 154 194 66 86 117
Exchange-Traded Funds Through December 133 127 120 99 122
Year-End 133 127 120 99 122
Annuities Through December 127 81 105 111 143
Year-End 127 81 105 111 143
Options Through December 124 128 143 109 145
Year-End 124 128 143 109 145
Variable Annuities Through December 115 104 116 160 217
Year-End 115 104 116 160 217
Private Equities Through December 114 92 77 108 129
Year-End 114 92 77 108 129
Government Securities Through December 96 169 31 25 28
Year-End 96 169 31 25 28
Preferred Stock Through December 74 142 44 86 109
Year-End 74 142 44 86 109
Structured Products Through December 57 25 21 52 109
Year-End 57 25 21 52 109

Top 15 Controversy Types in Intra-Industry Arbitrations

A single arbitration case may include multiple controversy types.

CONTROVERSY Time Period 2016 CASES SERVED 2015 2014 2013 2012
Promissory Notes Through December 401 401 276 632 802
Year-End 401 401 276 632 802
Breach of Contract Through December 386 373 347 465 652
Year-End 386 373 347 465 652
Compensation Through December 163 140 146 155 316
Year-End 163 140 146 155 316
Wrongful Termination Through December 127 123 79 117 110
Year-End 127 123 79 117 110
Libel/Slander/Defamation Through December 124 115 99 101 109
Year-End 124 115 99 101 109
Libel or Slander on Form U-5 Through December 124 119 110 99 106
Year-End 124 119 110 99 106
Commissions Through December 60 73 77 85 213
Year-End 60 73 77 85 213
Discrimination* Through December 58 54 43 53 49
Year-End 58 54 43 53 49
Clearing Disputes Through December 43 6 4 1 7
Year-End 43 6 4 1 7
Raiding Disputes Through December 42 40 39 21 41
Year-End 42 40 39 21 41
Misrepresentation Through December 21 17 33 24 24
Year-End 21 17 33 24 24
Breach of Fiduciary Duty Through December 18 28 52 78 143
Year-End 18 28 52 78 143
Negligence Through December 17 21 25 11 43
Year-End 17 21 25 11 43
Suitability Through December 15 1 2 3 1
Year-End 15 1 2 3 1
Indemnification Through December 14 12 16 17 17
Year-End 14 12 16 17 17

* This category combines the following discrimination controversy types: disability, age, gender, race, sexual orientation, national origin, religion, employment discrimination, and sexual harassment. This number does not represent the number of cases served, as one case may have multiple discrimination claims.

How Arbitration Cases Close

Cases Decided by Arbitrators 2016 (% of Cases) 2015 2014 2013 2012
After Hearing 593 (16%) 646 (19%) 683 (18%) 792 (18%) 895 (19%)
After Review of Documents 157 (4%) 182 (5%) 208 (5%) 236 (5%) 182 (4%)
Total 750 (21%) 828 (24%) 891 (23%) 1,028 (23%) 1,077 (22%)
Cases Resolved by Other Means 2016 (% of Cases) 2015 2014 2013 2012
Direct Settlement by Parties 1,812 (50%) 1,716 (50%) 1,942 (51%) 2,336 (52%) 2,414 (50%)
Settled via Mediation 433 (12%) 306 (9%) 329 (9%) 315 (7%) 502 (10%)
Withdrawn 341 (9%) 317 (9%) 358 (9%) 482 (11%) 428 (9%)
All Others 275 (8%) 294 (8%) 290 (8%) 297 (7%) 394 (8%)
Total 2,861 (79%) 2,633 (76%) 2,919 (77%) 3,430 (77%) 3,738 (78%)

Results of Customer Claimant Arbitration Award Cases

Year Decided All Customer Claimant Cases Decided (Hearings & Paper) Percentage Decided of All Customer Claimant Cases Closed Percentage (and Number) of Cases where Customer Awarded Damages
2016 389 16% 41% (158 cases)
2015 455 20% 42% (190 cases)
2014 465 19% 38% (177 cases)
2013 499 18% 42% (212 cases)
2012 570 18% 45% (255 cases)
2011 670 16% 44% (297 cases)

Results of All-Public Panels and Majority Public Panels in Customer Cases

Year Decided Cases Decided by All-Public Panels Percentage (and Number) of Cases Decided by 3 Public Arbitrators where Customer Awarded Damages Cases Decided by Majority-Public Panels Percentage (and Number) of Cases Decided by 2 Public Arbitrators and 1 Non-Public Arbitrator where Customer Awarded Damages
2016 145 43% (63 cases) 72 36% (26 cases)
2015 163 47% (77 cases) 84 45% (38 cases)
2014 135 44% (59 cases) 104 38% (39 cases)
2013 128 43% (55 cases) 107 44% (47 cases)
2012 99 49% (49 cases) 111 33% (37 cases)

Arbitrators by Type and Location

Arbitrator Type Total
Public 3,231
Non-Public 3,866
Total 7,097
Hearing Location Cases Public Arbitrators Non-Public Arbitrators Public Chairs
Albany, NY 7 146 194 71
Albuquerque, NM 12 67 48 52
Anchorage, AK 0 58 33 45
Atlanta, GA 143 113 97 40
Augusta, ME 5 62 27 36
Baltimore, MD 37 122 56 48
Birmingham, AL 41 67 57 46
Bismarck, ND 6 64 26 46
Boca Raton, FL 287 190 256 65
Boise, ID 14 69 27 48
Boston, MA 59 98 137 47
Buffalo, NY 14 51 41 35
Charleston, WV 7 54 26 42
Charlotte, NC 34 69 63 43
Cheyenne, WY 4 66 30 49
Chicago, IL 114 170 188 58
Cincinnati, OH 13 81 53 42
Cleveland, OH 49 75 40 38
Columbia, SC 19 90 55 51
Columbus, OH 25 73 37 41
Dallas, TX 101 111 107 48
Denver, CO 62 73 100 44
Des Moines, IA 30 51 58 38
Detroit, MI 84 113 101 57
Hartford, CT 37 82 105 40
Helena, MT 8 70 39 52
Honolulu, HI 12 74 75 40
Houston, TX 120 114 115 44
Indianapolis, IN 27 56 43 39
Jackson, MS 14 63 30 39
Jacksonville, FL 29 59 41 37
Kansas City, MO 28 59 36 37
Las Vegas, NV 22 50 28 40
Little Rock, AR 7 67 64 40
Los Angeles, CA 274 195 181 61
Louisville, KY 16 63 33 36
Manchester, NH 7 49 48 33
Memphis, TN 10 75 41 48
Miami, FL 122 136 131 54
Milwaukee, WI 41 57 34 42
Minneapolis, MN 47 74 82 43
Montpelier, VT 3 51 37 39
Nashville, TN 23 80 36 48
New Orleans, LA 33 74 35 45
New York, NY 536 474 682 187
Newark, NJ 122 143 244 62
Norfolk, VA 11 79 31 41
Oklahoma City, OK 14 68 36 46
Omaha, NE 17 62 48 38
Orlando, FL 66 81 93 44
Philadelphia, PA 97 131 128 51
Phoenix, AZ 85 97 116 48
Pittsburgh, PA 34 59 32 35
Portland, OR 26 63 35 36
Providence, RI 8 63 55 39
Raleigh, NC 20 92 38 47
Rapid City, SD 4 64 29 46
Reno, NV 6 63 63 36
Richmond, VA 17 58 63 39
Salt Lake City, UT 22 72 52 52
San Diego, CA 55 92 69 54
San Francisco, CA 126 118 129 48
San Juan, PR 890 113 46 32
Seattle, WA 49 95 66 41
St. Louis, MO 38 60 118 38
Syracuse, NY 6 58 30 42
Tampa, FL 92 128 159 57
Washington, D.C. 42 158 72 55
Wichita, KS 9 52 32 40
Wilmington, DE 9 67 54 37

We expand arbitrator pools in select hearing locations as case demand requires.

Mediation Statistics Through December

Year Cases in Agreement Cases Closed (Percent Settled) Turnaround Time (in days)
2016 594 612 (80%) 114
2015 507 481 (81%) 82
2014 431 551 (80%) 103
2016 vs 2015 +17% +27% +39%