Investor Lawyers Blog
According to a recent announcement by the Financial Industry Regulatory Authority (FINRA), the regulator has launched a new pilot program. Securities arbitration lawyers say this program is designed specifically for large arbitration cases, or those cases involving claims of $10 million or more.
Under the terms of the program, parties are able to customize the administrative process in order to better suit the special needs of bigger cases. Furthermore, it allows certain FINRA arbitration rules to be bypassed. The program is open to all cases that meet the monetary requirement. Participation is strictly voluntary. In order to take advantage of the program, however, parties must be represented by counsel, such as an investment fraud attorney, and must pay for any and all additional costs associated with the program.
“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,” says FINRA Dispute Resolution President Linda Fienberg.