Financial Services Industry
Industry: Email Alert RSS FeedProposed arbitration changes spark debate; Move to establish motion procedures stirs plaintiff's bar.(News)
Investment News, September, 2005
Byline: Dan Jamieson IRVINE, Calif. - A series of proposed changes to NASD's arbitration system are in the works, and, not surprisingly, the industry and the plaintiff's bar don't see eye to eye on the proposals. One of the hottest issues under debate is a proposal by Washington-based NASD to establish procedures for making and responding to motions.
Currently, NASD arbitration code contains no provisions for making legal motions, although lawyers routinely make them in practice. Securities plaintiff's lawyers are worried that codifying the motions practice would cause some arbitration panels to dismiss cases before investors have a chance to have their cases heard. "That would be a travesty'' of justice, said Scot Bernstein, a...
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