A “numpty” is a British and Scottish informal term used to describe someone who is silly, foolish, or lacking common sense. Stubborn, and prone to grievances that last for years.
I first heard the word used by my wicked Scottish granny Mae, who was, by most accounts, herself an insufferable numpty. Possibly also a witch.
Anyway, in our business, especially in U5 expungement cases, a Numpty with a capital “N” is a person who just can’t let shit go. They’re obsessed with their dickhead supervisor, the HR lady who pretended to be their advocate, the co-worker who turned on them, etc., etc. They demand more “justice,” i.e., more money, than their case is worth, and drag out a case that could more easily have settled in their favor. Justice is getting back to work, not winning the lottery. Don’t be a Numpty.
True, a few U5 expungement cases have yielded significant monetary damages as well as expungement, but generally speaking, the money sucks and such awards are few and far between. To get full expungement, your U5 changed “as if it never happened,” let alone a penny in monetary damages, takes going all the way through trial, which can take a year or more in FINRA arbitration. To work at mediation and settlement is to maintain better control of your possible outcome. Otherwise, in the end, it’s all up to a panel of three FINRA arbitrators.
Quite often, U5 expungement cases go to trial because some Numpty just can’t let go of their anger about how they were treated, or some other grievance. The brokerage firm doesn’t care. The CEO never heard of you. The people you’re pissed at have all moved on. Thankfully, most firms, with few exceptions, don’t take it personally, and their outside counsel will make a good faith attempt to settle your U5 expungement case with you.
The most important thing, the prize in resolving these U5 expungement cases, is modification of the U5 language. To paraphrase the old Mastercard commercial, “Clean U5? Priceless!” Often to get your old brokerage firm to work with you in cleaning up or amending your U5, you may have to demand less in monetary damages, or give them up altogether. It can be a worthwhile proposition, as discovery and trial in U5 expungement cases take time and money. Wouldn’t you rather be working at a new firm with a U5 that will get you in the door?
Of course, decisions to settle or try a case are 100% yours to make as the client. I’m just your lawyer. As the U5 Guy™, I can help you with the process to understand the strengths and weaknesses of your U5 expungement case, help you seize opportunities to resolve it in your favor, and get you back in business.
Don’t be a Numpty. Call the Law Offices of Christopher H. Tovar, PLLC at (832) 370-3908 or email me at [email protected] to discuss your potential U5 expungement matter.
