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FINRA Changing Arbitration Rules on EFL - Note Cases

By Mark H. Astarita, Esq.

Once upon a time, securities arbitration was an expedient, fair and cost effective way of resolving disputes in and with the securities industry. Over recent years however, the NASD and now FINRA, have tinkered with the process in so many ways, that the process is becoming seriously flawed.We just recently had a rule change that created the unprecedented result that a motion to dismiss a complaint can no longer be filed. Yes, if you are named in an arbitration, you are going to file an answer, go through discovery and go to a hearing over the course of the next 18 months, and there is not a thing you can do about it. Not only are you going to carry the allegations on your CRD record for those 18 months, you are going to pay attorneys fees and costs throughout the whole process...continue to full post

Full post as published by SECLaw.com on April 03, 2009 (boomark / email).