PIABA, the Public Investors Arbitration Bar Association, has filed a petition with the SEC, asking the SEC to eliminate arbitration rules that require that an arbitrator somehow affiliated with the securities industry sit on an arbitration panel involving customer claims against the industry in cases involving claims of damages over $100,000. According to the petition, "Requiring investors who believe they have
been wronged by the securities industry to have claims decided by panels that must include a representative of that securities industry creates at the least the appearance of bias, if not actual bias."
PIABA's proposal would not seek to end the industry arbitrator position all together, but to give parties the option of choosing to have a panel consisting of entirely "public" arbitrators. PIABA's petition can be found at the organization's website here.
Joel Beck
The Beck Law Firm, LLC - Georgia Securities Lawyer
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- Joel Beck, a former NASD Department of Enforcement lawyer, formed The Beck Law Firm, LLC in 2007. Joel's practice primarily focuses on representing broker-dealers, stockbrokers and investment advisers in disciplinary investigations and actions, customer complaints, arbitration claims and civil litigation, as well as representing investors in securities arbitration claims. Joel has been designated a Certified Regulatory and Compliance Professional (CRCP) by the NASD Institute at the Wharton School of Business, University of Pennsylvania. Click on the link above to visit our website and learn more.
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July 02, 2009
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