December 1, 2010
I am an attorney practicing securities litigation in both courts and arbitration since the 1990s. I have represented dozens of individuals in arbitration matters. I have also served as an NASD arbitrator. I strongly urge a change in the rules to eliminate the use of industry arbitrators. The industry arbitrator has not been a "neutral" in arbitration and generally is viewed as the industry representative that will advocate for respondents. At the very least, the appearance is that the industry arbitrator actually defends misconduct rather than uphold proper standards. There are many qualified, fair-minded arbitrators available to serve without requiring the use of industry representatives as an arbitrator.
Thank you for the opportunity to comment.