May 15, 2008
I am an attorney practicing in Los Angeles. While I primarily represent investors, I have represented brokers, broker-dealers and institutions in NASD/FINRA/NYSE arbitrations for over a decade.
I am against the proposed rule change.
When the arbitrators issue their decision, that should be the end of it. It is a rarity when both sides of a dispute are satisfied with an arbitration award. The unsatisfied party(s) will always file a motion under the proposed rule.
The arbitrators' award should be the end of the dispute, not the beginning of round two.