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PIABA Petitions SEC To Remove Industry Arbitrator Requirement

By Mark H. Astarita, Esq.

PIABA, the bar association dedicated to suing brokers and brokerage firms, has filed a petition with the SEC to remove the requirement of having an arbitrator that is affiliated with the securities industry from panels involving customer disputes.The requirement of an industry arbitrator has been part of FINRA arbitrations since the forum has existed, and has its genesis in worthwhile goals. In the past, having an arbitration panel that was familiar with the retail securities business was a benefit to all sides, as it lessened the need for expert witnesses and lengthy testimony from witnesses as to practices and procedures in the industry.But as arbitration expanded and became more popular, the process began to look more and more like a court proceeding...continue to full post

Full post as published by SECLaw.com on June 16, 2009 (boomark / email).