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Securities Arbitration
Today, most securities fraud and negligence cases are arbitrated before a panel of one to three people, instead of a judge and jury in court. However, this does not make arbitration any less formal or high stakes. Securities arbitration is regulated by several organizations: the Financial Industry Regulatory Authority, or FINRA; the American Arbitration Association, or AAA; and, Judicial Arbitration and Mediation Services, or JAMS. FINRA arbitration is similar to a court case in that the lawyers will make opening statements, direct and cross examine witnesses, and make closing arguments. The main difference is that the panel will decide a final and binding ruling rather than a judge. This process is why arbitration falls under the umbrella term of alternative dispute resolution, because it is simply an alternative to normal court proceedings to resolve disputes between parties.
Arbitration became popularized by the 1987 Supreme Court of the United States case Shearson/American Express, Inc. v. McMahon, 482 U.S. 220 (1987).
Most customer contracts with brokerage firms have arbitration clauses in them. Once these contracts are signed, the customers are bound by the arbitration clauses and must pursue any claims in arbitration and not through the courts.
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