November 30, 2010
When guest lecturing to Mississippi law school students or presenting CLE's I have likened the FINRA arbitration process to trying a medical malpractice case with 1/3 of the jury consisting of doctors. I have never heard of any such jury composition in any Mississippi medical malpractice litigation.
If the goal of FINRA arbitration is to provide a fair and equitable hearing forum than there is simply no place for the mandatory industry arbitrator. And, if FINRA arbitration is indeed a fair, fast and inexpensive alternative to a traditional jury trial than why not make the decision to arbitrate voluntary as opposed to mandatory?