Business Services Industry
Investors Find Difficulty in Making Accusations against Stock Brokers.
Knight Ridder/Tribune Business News, June, 2002
By Chris Serres, The News & Observer, Raleigh, N.C. Knight Ridder/Tribune Business News
Jun. 25--When Walter Evans accused his stock broker of misconduct, the retired tree cutter imagined himself pleading his case before a jury of working folk who would feel sorry for someone who lost nearly half his life's savings in the stock market.
But Evans, 67, will never get that opportunity. The Durham resident forfeited his right to sue his broker when he signed an arbitration clause, which are included in 90 percent of new brokerage contracts. Instead of getting his day in court, Evans will make his case before a panel of three arbitrators, one of whom will be a member of the securities industry.
"I just hope they're sympathetic," Evans said....
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