As Ron points out, if you agreed to arbitration (and signed an arbitration agreement form with your former agent / broker) you would be compelled to arbitrate your case rather than being able to sue. It's often far less expensive to use an arbitrator and you can still use an attorney to represent you.
Just remember that you would have to prove that the agent misrepresented information to you and prove that the misrepresentation somehow cost you money. If you can't prove that you experienced monetary damages, then your lawsuit might be tossed out. But as always, consult with an attorney to determine if you have a case.