November 30, 2010
I am a partner in the law firm of Maddox Hargett Caruso, P.C. which is a firm that focuses its practice on the representation of public investors in securities arbitration claims against the brokerage and financial services industry.
I am the former chair of the National Arbitration and Mediation Committee (NAMC) of NASD/FINRA, a former president of the Public Investors Arbitration Bar Association (PIABA) and a former Comiissioner of Securities of the State of Indiana.
I write in support of the proposed Rule Change eliminating the mandatory industry arbitrator from panels involving customer disputes.
This rule change will not only significantly improve the arbitration process, which currently governs a substantial majority of claims that investors may have against their financial professionals, but it will also provide investors with the fundamental fairness that every investor should be entitled to when they are required to arbitrate their disputes.
I would, accordingly, urge the Commission to approve the proposed rule change on an expedited basis.