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TAG | FINRA pilot program
5
New Pilot Program Launched by FINRA for Cases Involving $10million or More
Comments off · Posted by Securities Lawyer in FINRA
In a press-release dated July 2nd, 2012, from their website, The Financial Industry Regulatory Authority (FINRA) announced a pilot program specifically designed for large arbitration cases for claims of $10 million or more. This program enables parties to customize the administrative process to better suit special needs of the larger case and allows them to bypass certain FINRA arbitration rules. Participation in the pilot program is completely voluntary and open to all but all parties will be required to pay for any additional costs of the program and must be represented by counsel.
The press-release goes on to state that Linda Fienberg, President of FINRA Dispute Resolution, said, “In response to the increasing number of very large cases, we wanted to introduce a more formal approach to give parties greater flexibility and more control over the administration of their case.”
These are examples given by FINRA of how parties may customize the process including having the option to:
- have additional control over the method of arbitrator appointment and the qualifications of arbitrators;
- hire non-FINRA arbitrators for their case;
- develop their own procedures for exchanging information prior to the hearing;
- have expanded discovery options such as depositions and interrogatories; and
- choose from a wider selection of facilities.
FINRA states that all parties must agree and will be required to pay for any additional costs of the program. FINRA will send a letter to parties in cases involving claims of $10 million or more to solicit participation in the pilot.
Soreide Law Group, PLLC, has represented clients before FINRA nationwide. If you or a loved one sustained investment losses due to your stock broker/dealer, or financial advisor’s recommendations, please call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.
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