It took more than eight years, but an arbitration panel has awarded Morgan Stanley $380,000 for repayment of a promissory note from an advisor who left the wirehouse nearly a decade ago.

The long arbitration process was highly unusual, attorneys say. "FINRA arbitration proceedings are supposed to be expedited compared to similar proceedings in the court system," says Jonathan Kurta, an attorney with New York law firm Fitapelli Kurta who was not involved in this case.

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