Fordham University School of Law received a $492,250 Law School Securities Arbitration Clinic Grant from the Office of the New York State Attorney General on Dec. 6., to help small investors pursue arbitration claims against brokers and brokerage firms with whom they have disputes. The Law School will provide advice to, and direct legal representation of, investors who cannot afford legal services, and will conduct outreach to investors who may not be aware of their legal options.
“There are a significant number of small investors who have lost money through investments, not simply because of the ebbs and flows of the market, but because of some real wrongdoing on behalf of the brokerage industry,” said Marcella Silverman, J.D., clinical associate professor of law with the securities arbitration clinic at Fordham Law. “These are people whose losses are too small to interest the private bar on a contingency basis, and who don’t have resources to pay a lawyer on an hourly basis. Without support from clinics like ours, they would have no means to advance their claims.”
The money comes from a fund established for New York state law schools to support the legal claims of small investors, and it is overseen by the Attorney General’s office. Funding was provided by the settlement with Clark McLeod, former chairman and CEO of McLeodUSA.