2019 Dispute Resolution Statistics

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Arbitration Statistics Through December

Year New Case Filings Cases Closed Open Cases Turnaround Time (in months)
2019 Total: 3,757
Customer: 2,363 (63%)
Intra-Industry: 1,394 (37%)		 4,011 4,808 Overall*: 14.2
Regular Hearing Decisions: 16.9
Special Proceeding Decisions: 7.0
Paper Decisions: 5.8
2018 Total: 4,325
Customer: 2,713 (63%)
Intra-Industry: 1,612 (37%)		 3,756 5,012 Overall*: 14.2
Regular Hearing Decisions: 16.5
Special Proceeding Decisions: N/A
Paper Decisions: 6.5
2017 Total: 3,456
Customer: 2,267 (66%)
Intra-Industry: 1,189 (34%)		 3,735 4,438 Overall*: 14.5
Regular Hearing Decisions: 17.0
Special Proceeding Decisions: N/A
Paper Decisions: 6.5
2019 vs 2018 Total: -13% 
Customer: -13%
Intra-Industry: -14%		 +7% -4%  Overall*: 0%
Regular Hearing Decisions: +2%
Special Proceeding Decisions: 0%
Paper Decisions: -11%

* Includes cases closed for any reason.

Historical Statistics for Cases Filed and Closed 

Year Cases Filed Cases Closed
2019 3,757 4,011
2018 4,325 3,756
2017 3,456 3,735
2016 3,681 3,635
2015 3,435 3,489
2014 3,822 3,838
Year Cases Filed Cases Closed
2013 3,714 4,498
2012 4,299 4,877
2011 4,729 6,099
2010 5,680 6,241
2009 7,137 4,571
2008 4,982 3,757
Year Cases Filed Cases Closed
2007 3,238 5,345
2006 4,614 7,212
2005 6,074 9,043
2004 8,201 9,209
2003 8,945 7,278
2002 7,704 5,957

Top 15 Controversy Types in Customer Arbitrations

A single arbitration case may include multiple controversy types.

Controversy Time Period 2019 Cases served 2018 2017 2016 2015
Breach of Fiduciary Duty Through December 2,053 2,290 1,899 2,002 1,807
Year-End -- 2,290 1,899 2,002 1,807
Negligence Through December 1,826 1,974 1,662 1,862 1,677
Year-End -- 1,974 1,662 1,862 1,677
Failure to Supervise Through December 1,731 1,935 1,621 1,802 1,554
Year-End -- 1,935 1,621 1,802 1,554
Misrepresentation Through December 1,688 1,775 1,663 1,670 1,499
Year-End -- 1,775 1,663 1,670 1,499
Suitability Through December 1,580 1,779 1,606 1,606 1,364
Year-End -- 1,779 1,606 1,606 1,364
Breach of Contract Through December 1,563 1,711 1,318 1,495 1,444
Year-End -- 1,711 1,318 1,495 1,444
Fraud Through December 1,499 1,707 1,389 1,301 1,089
Year-End -- 1,707 1,389 1,301 1,089
Omission of Facts Through December 1,468 1,547 1,493 1,394 1,216
Year-End -- 1,547 1,493 1,394 1,216
Violation of Blue Sky Laws Through December 657 810 547 344 236
Year-End -- 810 547 344 236
Manipulation Through December 384 302 299 236 208
Year-End -- 302 299 236 208
Elder Abuse* Through December 207 216 61 -- --
Year-End -- 216 61 -- --
Unauthorized Trading Through December 197 245 263 362 264
Year-End -- 245 263 362 264
Churning Through December 167 205 219 254 247
Year-End -- 205 219 254 247
Errors-charges Through December 98 81 66 56 64
Year-End -- 81 66 56 64
Margin Calls Through December 88 85 62 84 97
Year-End -- 85 62 84 97

* 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 2019 Cases served 2018 2017 2016 2015
Municipal Bond Funds Through December 717 959 558 480 607
Year-End -- 959 558 480 607
Municipal Bonds Through December 702 971 565 433 559
Year-End -- 971 565 433 559
Mutual Funds Through December 526 731 447 352 373
Year-End -- 731 447 352 373
Common Stock Through December 436 597 604 646 610
Year-End -- 579 604 646 610
Government Securities Through December 431 519 229 96 169
Year-End -- 519 229 96 169
Real Estate Investment Trust Through December 236 205 177 184 191
Year-End -- 205 177 184 191
Options Through December 204 150 127 124 128
Year-End -- 150 127 124 128
Private Equities Through December 149 111 111 114 92
Year-End -- 111 111 114 92
Exchange-Traded Funds Through December 138 167 131 133 127
Year-End -- 167 131 133 127
Limited Partnerships Through December 128 144 183 199 79
Year-End -- 144 183 199 79
Variable Annuities Through December 109 105 129 115 104
Year-End -- 105 129 115 104
Annuities Through December 97 101 115 127 81
Year-End -- 101 115 127 81
Corporate Bonds Through December 74 135 119 154 194
Year-End -- 135 119 154 194
Structured Products Through December 60 78 45 57 25
Year-End -- 78 45 57 25
401(k)* Through December 58 94 69 27 --
Year-End -- 94 69 27 --

* 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 2019 Cases Served 2018 2017 2016 2015
Breach of Contract Through December 345 413 403 389 373
Year-End -- 413 403 389 373
Promissory Notes Through December 240 261 296 401 401
Year-End -- 261 296 401 401
Compensation Through December 135 168 161 163 140
Year-End -- 168 161 163 140
Libel, Slander, or Defamation Through December 135 166 117 124 115
Year-End -- 166 117 124 115
Libel or Slander on Form U-5 Through December 119 135 136 124 119
Year-End -- 135 136 124 119
Wrongful Termination Through December 102 122 116 127 123
Year-End -- 122 116 127 123
Commissions Through December 82 95 103 60 73
Year-End -- 95 103 60 73
Discrimination or Harassment* Through December 46 38 37 58 54
Year-End -- 38 37 58 54
Breach of Fiduciary Duty Through December 30 39 52 18 28
Year-End -- 39 52 18 28
Misrepresentation Through December 29 68 54 21 17
Year-End -- 68 54 21 17
Raiding Disputes Through December 21 37 33 42 40
Year-End -- 37 33 42 40
Suitability Through December 17 63 59 17 1
Year-End -- 63 59 17 1
Negligence Through December 17 32 25 17 21
Year-End -- 32 25 17 21
Indemnification Through December 17 20 25 14 12
Year-End -- 20 25 14 12
Partnerships Through December 15 13 7 11 12
Year-End -- 13 7 11 12

* 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 2019 (% of Cases) 2018 2017 2016 2015
After Regular Hearing 527 (13%) 517 (14%) 512 (14%) 593 (16%) 646 (19%)
After Special Proceeding Hearing 12 (0%) N/A N/A N/A N/A
After Review of Documents (Paper Cases) 96 (2%) 130 (4%) 135 (4%) 157 (4%) 182 (5%)
Total 635 (16%) 647 (17%) 647 (18%) 750 (21%) 828 (24%)
Cases Resolved by Other Means 2019 (% of Cases) 2018 2017 2016 2015
Direct Settlement by Parties 2,269 (57%) 2,005 (54%) 1,964 (53%) 1,812 (50%) 1,716 (50%)
Settled via Mediation 513 (13%) 493 (13%) 493 (13%) 433 (12%) 306 (9%)
Withdrawn 343 (9%) 333 (9%) 348 (9%) 341 (9%) 317 (9%)
All Others 203 (5%) 233 (6%) 240 (7%) 275 (8%) 294 (8%)
Total 3,328 (84%) 3,064 (83%) 3,045 (82%) 2,861 (79%) 2,633 (76%)

Results of Customer Claimant Arbitration Award Cases

Year Decided All Customer Claimant Cases Decided (Hearings, Special Procedures & Paper) Percentage Decided of All Customer Claimant Cases Closed Percentage (and Number) of Cases where Customer Awarded Damages
2019 313 13% 45% (141 cases)
2018 359 15% 40% (145 cases)
2017 352 14% 43% (151 cases)
2016 389 16% 41% (158 cases)
2015 455 20% 42% (190 cases)
2014 465 19% 38% (177 cases)

Result of Customer Claimant Arbitration Award Cases (Regular Hearing Only)

Year Decided Customer Claimant Cases Decided (Hearing Only) Hearing Customer Claimant Cases Where Customer Awarded Damages Hearing Customer Claimant Not Awarded Damages Percentage of Customer Award Hearing Cases
2019 241 109 132 45%
2018 274 115 159 42%
2017 272 122 150 45%
2016 272 114 158 42%
2015 319 145 174 45%
2014 305 128 177 42%

Result of Customer Claimant Arbitration Award Cases (Special Proceeding Hearing Only)

Year Decided Customer Claimant Cases Decided (Special Proceeding Only) Special Proceeding Customer Claimant Cases Where Customer Awarded Damages Special Proceeding Customer Claimant Not Awarded Damages Percentage of Customer Award Special Proceeding Cases
2019 8 1 7 13%

Result of Customer Claimant Arbitration Award Cases (Paper Only)

Year Decided Customer Claimant Cases Decided (Paper Only) Paper Customer Claimant Cases Where Customer Awarded Damages Customer Claimant Not Awarded Damages Percentage of Customer Award Paper Cases
2019 64 31 33 48%
2018 85 30 55 35%
2017 80 29 51 36%
2016 117 44 73 38%
2015 136 45 91 33%
2014 160 49 111 31%

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
2019 149 53% (79 cases) 47 28% (13 cases)
2018 158 42% (67 cases) 58 47% (27 cases)
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)

Arbitrators by Type and Location

Arbitrator Type Total
Public 3,684
Non-Public 4,155
Total 7,839

Special Arbitrator Roster

Arbitrator Pool Name Public Chairpersons Public Arbitrators Non-Public Arbitrators
Puerto Rico Bond Fund 241 834 767

Mediation Statistics Through December

Year Cases in Agreement Cases Closed (Percent Settled) Turnaround Time (in days)
2019 588 599 (86%) 93
2018 509 669 (78%) 115
2017 619 728 (82%) 105
2019 vs 2018 +16%  -10%  -19% 

Pre-Arbitration Requests for Mediation Through December

Year to Date Number of Requests Parties Agreed (%)
2019 185 26 (14%)
2018 183 13 (7%)
2017 235 22 (9%)