And arbitration is binding - with no right to appeal. Depending on the amount of the loss, you may or may not want to hire an attorney. I've already lost a bundle. If you don't want to represent yourself, the cost will depend on how you hire the attorney - hourly fee, contingency or a reduced combination of both. On a contingency, the attorney gets a third only if he wins or settles.
Hourly fees depend on the expertise and experience of the attorney.
If your broker recommended a stock that didn't fit your stated investment desires, you can take him to arbi- tration. You can't cross out the arbitration clause in your customer agreement. If you do, they'll reject your account. Yes, in court and in a class action. But don't hold your breath.