September 26, 2006
There are serious issues that preclude the adoption and institutionalization of dispositive motions in mandatory NASD securites arbitrations. Interpretations of what constitutes "extraordinary circumstances" will lead to endless future litigation thereby making NASD arbitration even more expensive and time consuming. A simple way to offset the problems would be to adopt an addition to the proposed rule that would make abusers think twice before invoking "extraordinary circumstances" as a basis for a dispositive motion.
I would propose an addition to the proposed rule as follows:
"A REGISTERED RESPONDENT SHALL PAY THE CLAIMANT AND CLAIMANT'S COUNSEL $50,000.00 WHENEVER A MOTION TO DISMISS IS DENIED IN WHOLE OR IN PART WHERE THE RESPONDENT ASSERTS IN ANY WAY THAT SUCH MOTION IS BASED UPON EXTRAORDINARY CIRCUMSTANCES. THIS RULE SHALL NOT APPLY TO COUNTERCLAIMS MADE BY REGISTERED PARTIES."
Please consider this as simple, viable means to alleviate serious issues in the future.
Very truly yours,
Allan J. Fedor, Esq.
14811 Seminole Trail
Seminole, FL 33776