March 24, 2008
I am an attorney in private practice who represents individuals in securities arbitrations. I have been in practice for thirty-seven years and involved in securities arbitration for the last 12 years. I am writing in support of the proposed rule change limiting the filing of Motions to Dismiss(MTD). In almost every case I have filed before the NASD now FINRA, I have received a MTD filed by counsel for the securities dealer/broker. Everyone was denied by the panel of arbitrators in each case but nevertheless involved extensive time and effort on my part to respond. I am a supporter of the arbitration system(although I would like to see it voluntary) and believe that a Motions practice is incompatable with the goals of an arbitration system - i.e. a fast and efficient system to present an investors claim and to achieve a result and for payment on that result. If the Brokerage industry is allowed to continue its practice of filing MTDs without merit I will look for ways to file my claims in court with all the protections that the court system provides albeit with delays and additional expense. I believe every investor is entitled to a hearing on his/her facts. This rule change goes a long way to providing that benefit to the system.