Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, February 5, 2010

Finra Looking for a Few Good Arbitrators

Concerns have been expressed for some time about whether FINRA will be able to handle the deluge of customers' complaints against brokers resulting from the financial meltdown.  The Wall St. Journal, for example, reports today that FINRA is reaching out to its arbitrators and asking them to handle cases in locations where arbitration hearings on Morgan Keegan mutual funds are centered, including Atlanta, Birmingham, New Orleans and Orlando.  More than 400 complaints have been filed against the firm, whose funds dropped in value by as much as 82% after the financial meltdown.  WSJ, Arbitrator Out of Work? Call Finra.

What would have been the effect on the judicial system if these cases had been filed in court?  Would investors' needs have been better met?

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