FINRA Approves Permanent Customer Option to Choose All-Public Arbitration Panel in All Cases

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Effective February 1, customers in Financial Industry Regulatory Authority arbitration may choose an all-public arbitration panel in disputes in which the customer is claiming over $100,000. For such claims, customers may still choose a majority-public panel, which provides for a panel of one chair-qualified public arbitrator, one public arbitrator and one non-public arbitrator. The amendments apply only to customer disputes; they do not apply to disputes involving only industry parties. According to the Regulatory Notice, FINRA believes giving customers the option of an all-public panel will enhance confidence in and increase the perception of fairness in the FINRA arbitration process.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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