Auction Rate Securities Fraud Lawyer
FINRA Pilot Program for All-Public Arbitration Panels
Later this fall, the Financial Industry Regulatory Authority (FINRA) will launch a pilot program that will make it possible for investors with arbitration claims to have their claim heard by a panel of three public arbitrators, as opposed to the traditional panel of two public arbitrators and one non-public arbitrator. FINRA hopes to launch the pilot on or shortly after October 6, 2008.
Six brokerage firms have agreed to participate in the program. FINRA would like to include other firms as well to ensure that there is a variety in the size of the firms involved. For the moment, the participating firms include:
- Merrill Lynch
- Citigroup
- Wachovia
- Charles Schwab
- UBS
- Morgan Stanley
It is up to the investor to decide whether or not they would like to participate in the pilot program. No brokerage firms will be allowed to choose which cases are and are not included in the program.
The Panel Selection Process
Under the new pilot program, the investor who wishes to participate in the program and the firm that they have made their claim against will receive three lists of possible arbitrators. The first list contains the names of eight chair-qualified public arbitrators. The second list includes eight public arbitrators and the third list states the names of eight non-public arbitrators.
Those participating in the pilot program will be able to strike all eight names on the non-public arbitrator list if they choose. The panel will then be selected from the remaining chair-qualified public arbitrator and public arbitrator choices.
Contact an Auction Rate Securities Fraud Lawyer
The arbitration process can be very confusing for investors who have suffered from auction rate securities fraud. To schedule your initial consultation with an ARS lawyer, contact the
auction rate securities fraud lawyers at Williams Kherkher by calling 800.220.9341.