Overview
FINRA arbitration saw several remarkably large compensatory awards in 2025, with the largest award reaching over $26 million—substantially exceeding 2024's record. The data reveals continued disputes over breach of fiduciary duty, promissory note defaults, unsuitable investments, and employment-related claims. These awards reflect evolving patterns in arbitrator decision-making and provide critical insights for litigators, compliance teams, and industry observers.
Below is a breakdown of the top 10 largest compensatory awards in 2025, followed by insights and analysis that matter to practitioners navigating high-stakes disputes.
Top 10 Largest Awards — 2025 Leaderboard
Largest Compensatory Awards in 2025
Rank | Award | Case | Claimant(s) | Respondent(s) |
|---|---|---|---|---|
| 1 | $26,504,292 | 23-01342 | Adam Jannetti, et al. | Stifel |
| 2 | $25,621,691 | 21-00488 | Dennis Hansen, et al. | UBS, et al. |
| 3 | $17,695,591 | 20-00742 | National Securities Corporation | Mark Sam Kolta |
| 4 | $7,356,667 | 24-01405 | Morgan Stanley | Robert Daly |
| 5 | $7,121,902 | 25-00403 | RBC Capital Markets | Joseph Seidler |
| 6 | $3,798,740 | 19-02094 | Randall Baskin | UBS, et al. |
| 7 | $3,493,500 | 25-00171 | Morgan Stanley | Antoine Souma |
| 8 | $2,835,590 | 23-03280 | Gongyi Lin | Interactive Brokers |
| 9 | $2,727,527 | 23-03422 | Qun He & Haihui Zhang | Merrill Lynch |
| 10 | $2,569,148 | 25-01407 | Boustead Securities | Pono Capital Corp |
Deep Dive Into the Three Largest Awards
1. Case 23-01342 : $26,504,292
Claimants: Adam Jannetti, David Jannetti, Leah Jannetti, Sarah Lyn Jannetti
Claimant Counsel: Jeffrey Erez & Stefan Apotheker (Erez Law)
Respondent: Stifel
Arbitrators: Monica I. Salis, Stephanie Jeannette Charny, Marc Elias Narotsky
Nature of Dispute: Customers vs. Member
Summary:
This was the largest compensatory award in FINRA arbitration in 2025, reaching over $26.5 million. The dispute centered on breach of fiduciary duty, negligence, negligent supervision, fraud, breach of contract, and violations of the Florida Securities and Investor Protection Act. The respondent denied all claims and asserted affirmative defenses, but the panel sided with the Jannetti family claimants in this significant customer protection case involving Stifel.
2. Case 21-00488 : $25,621,691
Claimants: Dennis Hansen, Leslie Hansen, Tyler Hansen, Noelle Hansen, Bradley Nelson, Jordan Nelson, Lindsey Valentini, Nicholas Valentini, Mark Kramer
Claimant Counsel: Nicholas Petersen, Paul D. Gamez & Stephen J. Holtman (Simmons Perrine Moyer Bergman)
Respondents: UBS, Andrew Burish
Arbitrators: Jan Preece Gaddis, Michael D. Fitzgerald, Kenneth Colin McRoberts
Nature of Dispute: Customer vs. Member and Associated Person
Summary:
The second-largest award of 2025 came in at just under $25.7 million. This customer dispute involved nine claimants from multiple families bringing allegations of breach of fiduciary duty, violation of FINRA suitability rules, failure to supervise/negligent supervision, and fraud against UBS and a former associated person. The case, filed in early 2021, took nearly four years to resolve, ultimately resulting in a substantial award for the customer claimants represented by Simmons Perrine Moyer Bergman.
3. Case 20-00742 : $17,695,591
Claimant: National Securities Corporation
Claimant Counsel: Fred N. Knopf (B. Riley Wealth Management)
Respondent: Mark Sam Kolta
Arbitrators: Ronald Harris Kisner, Joan Maxine Secofsky, Justin Dana Ciniello
Nature of Dispute: Member vs. Associated Person
Summary:
The third-largest award was an employment-related dispute where member firm National Securities Corporation brought claims against associated person Mark Sam Kolta for breach of contract, unjust enrichment, and sought declaratory relief. The respondent countered with allegations of breach of covenant of good faith and fair dealing and breach of indemnification clause. The panel awarded the firm over $17.6 million, representing one of the largest member-vs-associated-person awards in recent history.
Understanding the Data
Largest Compensatory Awards of 2025
Methodology
This analysis includes all FINRA arbitration awards with an award date between January 1, 2025 and December 31, 2025 (inclusive). We calculated compensatory awards as the total net amount awarded to the prevailing party, excluding attorney fees and costs, punitive damages, interest, and FINRA fees.
To determine the average award shown in the chart above, we filtered to cases where at least $1 of compensatory damages was awarded, then calculated the mean, finding an average award of $1,023,639. For those keeping score, that means the largest award of 2025 was 26x the average—a significant increase from 2024's 19x multiplier.
Cases 4–10: Quick Summaries
4. Case 24-01405 : $7,356,667
Claimant Counsel: Timothy N. Will (Albert & Will)
Arbitrator: Kirtley M. Thiesmeyer
Dispute: Member and Non-Member vs. Associated Person (breach of twelve promissory notes)
5. Case 25-00403 : $7,121,902
Claimant Counsel: Michael E. Rowe (Dorsey & Whitney)
Arbitrator: Maryanne M. Esser
Dispute: Member vs. Associated Person (breach of promissory notes)
6. Case 19-02094 : $3,798,740
Claimant Counsel: Eugene N. Bulso (Bulso)
Arbitrators: Mauricio Arcadier, Michael J. Ahlstrom, Karin Marie Paparelli
Dispute: Customer vs. Member and Associated Person (delay in liquidation, negative arbitrage, mismanagement, misrepresentation, excessive fees)
7. Case 25-00171 : $3,493,500
Claimant Counsel: Timothy N. Will (Albert & Will)
Arbitrators: Benjamin F. Breslauer, James Henri Pike, Linda M Iannone
Dispute: Member and Non-Member vs. Associated Person (breach of settlement agreement)
8. Case 23-03280 : $2,835,590
Claimant Counsel: Charles Yongjun Fu (GH Law Firm), Darren J. Bogie (Darling & Wilson)
Arbitrators: Barbara M. Anscher, William M. Bankston, Daniel Seligman
Dispute: Customer vs. Member (Note: Award went to respondent counter-claimant)
9. Case 23-03422 : $2,727,527
Claimant Counsel: Michael C. Bixby & Nora Long (Bixby Law)
Arbitrators: Paula K. Konikoff, Olivia J. Valentine, April Paradise-Switzer
Dispute: Customer vs. Member (violation of securities acts, breach of fiduciary duty, negligence, negligent supervision, breach of contract)
10. Case 25-01407 : $2,569,148
Claimant Counsel: Tara Hopper Rice (Frost Brown Todd)
Arbitrator: Marc S. Joseph
Dispute: Member vs. Member (breach of contract, quantum meruit, unjust enrichment)
Key Trends in 2025
Higher Average Awards
The average compensatory award in 2025 reached $1,023,639—a 32% increase from 2024's average of $776,074. This suggests either larger disputes are making it to arbitration, or panels are becoming more willing to award substantial damages.
Promissory Note Cases Dominate Mid-Tier
Several cases in the top 10 (ranks 4, 5, and 7) involved breaches of promissory notes between members and associated persons. These employment-related disputes demonstrate that arbitrators are enforcing contractual obligations with significant monetary consequences.
Customer Protection Remains a Priority
The largest award of 2025 involved customer claimants alleging fraud and breach of fiduciary duty, reinforcing that panels continue to take customer protection seriously, particularly when allegations include violations of state securities laws.
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Disclaimer: This blog post is based on publicly available FINRA arbitration award data. While we strive for accuracy, party names, attorney names, and award details should be independently verified for case-specific research. Award amounts may include offsets or adjustments not immediately apparent from award documents. This content is for informational purposes only and does not constitute legal advice.