Monday, July 19, 2010
FINRA recently announced an extension of its voluntary pilot program of allowing investors in arbitrations with 3-person arbitration panels against participating firms to select all-Public Arbitrator panels. Initially, the Pilot Program was designed to run for two sequential years. Year One began October 6, 2008, and ended October 5, 2009. Year Two began October 6, 2009, and ends October 5, 2010. Recently, participating firms agreed to extend the Pilot Program for an additional year at the same case levels, while FINRA goes through the evaluation and decision making process. Year Three begins October 6, 2010, and ends October 5, 2011.