2017 Dispute Resolution Statistics

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Arbitration Statistics Through December

Year New Case Filings Cases Closed Open Cases Turnaround Time (in months)
2017 Total: 3,456
Customer: 2,260 (65%)
Intra-Industry: 1,196 (35%)		 3,735 4,438 Overall: 14.5
Hearing Decisions: 17.0
Simplified Decisions: 6.5
2016 Total: 3,681
Customer: 2,515 (68%)
Intra-Industry: 1,166 (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
2017 vs 2016 Total: -6% 
Customer: -10% 
Intra-Industry: +3% 		 +3%  -5%  Overall: -5%
Hearing Decisions: +2%
Simplified Decisions: -7%

Historical Statistics for Cases Filed and Closed 

Year Cases Filed Cases Closed
2017 3,456 3,735
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
Year Cases Filed Cases Closed
2011 4,729 6,099
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
Year Cases Filed Cases Closed
2005 6,074 9,043
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 2017 Cases served 2016 2015 2014 2013
Breach of Fiduciary Duty Through December 1,899 2,002 1,807 2,064 1,802
Year-End -- 2,002 1,807 2,064 1,802
Misrepresentation Through December 1,663 1,670 1,499 1,593 1,507
Year-End -- 1,670 1,499 1,593 1,507
Negligence Through December 1,662 1,862 1,677 1,977 1,714
Year-End -- 1,862 1,677 1,977 1,714
Failure to Supervise Through December 1,621 1,802 1,554 1,733 1,476
Year-End -- 1,802 1,554 1,733 1,476
Suitability Through December 1,606 1,606 1,364 1,401 1,243
Year-End -- 1,606 1,364 1,401 1,243
Omission of Facts Through December 1,493 1,394 1,216 1,384 1,242
Year-End -- 1,394 1,216 1,384 1,242
Fraud* Through December 1,389 1,301 1,089 41 --
Year-End -- 1,301 1,089 41 --
Breach of Contract Through December 1,318 1,495 1,444 1,755 1,390
Year-End -- 1,495 1,444 1,755 1,390
Violation of Blue Sky Laws* Through December 547 344 236 -- --
Year-End -- 344 236 -- --
Manipulation Through December 299 236 208 173 161
Year-End -- 236 208 173 161
Unauthorized Trading Through December 263 362 264 239 255
Year-End -- 362 264 239 255
Churning Through December 219 254 247 213 236
Year-End -- 254 247 213 236
Errors-charges Through December 66 56 64 71 75
Year-End -- 56 64 71 75
Margin Calls Through December 62 84 97 83 55
Year-End -- 84 97 83 55
Elder Abuse* Through December 61 -- -- -- --
Year-End -- -- -- -- --

* 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.

Common Stock Municipal Bond Funds Municipal Bonds Mutual Funds Real Estate Investment Trust Limited Partnerships Government Securities Exchange-Traded Funds Variable Annuities Options Corporate Bonds Private Equities Annuities 401(k)** Preferred Stock

Security Time Period 2017 Cases served 2016 2015 2014 2013
Common Stock Through December 604 646 610 572 547
Year-End -- 646 610 572 547
Municipal Bonds Through December 565 433 559 553 67
Year-End -- 433 559 553 67
Municipal Bond Funds Through December 558 480 607 684 66
Year-End -- 480 607 684 66
Mutual Funds Through December 447 352 373 369 296
Year-End -- 352 373 369 296
Government Securities Through December 229 96 169 31 25
Year-End -- 96 169 31 25
Limited Partnerships Through December 183 199 79 82 84
Year-End -- 199 79 82 84
Real Estate Investment Trust Through December 177 184 191 232 299
Year-End -- 184 191 232 299
Exchange-Traded Funds Through December 131 133 127 120 99
Year-End -- 133 127 120 99
Variable Annuities Through December 129 115 104 116 160
Year-End -- 115 104 116 160
Options Through December 127 124 128 143 109
Year-End -- 124 128 143 109
Corporate Bonds Through December 119 154 194 66 86
Year-End -- 154 194 66 86
Annuities Through December 115 127 81 105 111
Year-End -- 127 81 105 111
Private Equities Through December 111 114 92 77 108
Year-End -- 114 92 77 108
401(k)* Through December 69 27 -- -- --
Year-End -- 27 -- -- --
Preferred Stock Through December 54 74 142 44 86
Year-End -- 74 142 44 86

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

Top 15 Controversy Types in Intra-Industry Arbitrations

A single arbitration case may include multiple controversy types.

CONTROVERSY Time Period 2017 CASES SERVED 2016 2015 2014 2013
Breach of Contract Through December 403 389 373 347 465
Year-End -- 389 373 347 465
Promissory Notes Through December 296 401 401 476 632
Year-End -- 401 401 476 632
Compensation Through December 161 163 140 146 155
Year-End -- 163 140 146 155
Libel or Slander on Form U-5 Through December 136 124 119 110 99
Year-End -- 124 119 110 99
Libel, Slander, or Defamation Through December 117 83 115 99 101
Year-End -- 83 115 99 101
Wrongful Termination Through December 116 127 123 79 117
Year-End -- 127 123 79 117
Commissions Through December 103 60 73 77 85
Year-End -- 60 73 77 85
Suitability Through December 59 15 1 2 3
Year-End -- 15 1 2 3
Misrepresentation Through December 54 21 17 33 24
Year-End -- 21 17 33 24
Breach of Fiduciary Duty Through December 52 18 28 52 78
Year-End -- 18 28 52 78
Discrimination or Harassment* Through December 37 58 54 43 53
Year-End -- 58 54 43 53
Clearing Disputes Through December 36 43 6 4 1
Year-End -- 43 6 4 1
Raiding Disputes Through December 33 42 40 39 21
Year-End -- 42 40 39 21
Unauthotized Trading Through December 28 10 2 2 4
Year-End -- 10 2 2 4
Indemnification Through December 25 14 12 16 17
Year-End -- 14 12 16 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 2017 (% of Cases) 2016 2015 2014 2013
After Hearing 512 (14%) 593 (16%) 646 (19%) 683 (18%) 792 (18%)
After Review of Documents 135 (4%) 157 (4%) 182 (5%) 208 (5%) 236 (5%)
Total 647 (18%) 750 (21%) 828 (24%) 891 (23%) 1,028 (23%)
Cases Resolved by Other Means 2017 (% of Cases) 2016 2015 2014 2013
Direct Settlement by Parties 1,964 (53%) 1,812 (50%) 1,716 (50%) 1,942 (51%) 2,336 (52%)
Settled via Mediation 493 (13%) 433 (12%) 306 (9%) 329 (9%) 315 (7%)
Withdrawn 348 (9%) 341 (9%) 317 (9%) 358 (9%) 482 (11%)
All Others 240 (7%) 275 (8%) 294 (8%) 290 (8%) 297 (7%)
Total 3,045 (82%) 2,861 (79%) 2,633 (76%) 2,919 (77%) 3,430 (77%)

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
2017 352 14% 43% (151 cases)
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)

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
2017 137 48% (66 cases) 71 37% (26 cases)
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)

Arbitrators by Type and Location

Arbitrator Type Total
Public 3,337
Non-Public 4,006
Total 7,343

Mediation Statistics Through December

Year Cases in Agreement Cases Closed (Percent Settled) Turnaround Time (in days)
2017 619 728 (82%) 105
2016 594 612 (80%) 114
2015 507 481 (81%) 82
2017 vs 2016 +4%  +19%  -8%