FINRA Seeks To Avoid Arbitrating Collective Action Claims

Law360, San Diego (January 11, 2012, 8:12 PM EST) -- The Financial Industry Regulatory Authority has proposed a rule change that would bar employment collective action claims from its arbitration forum, according to a Federal Register filing Wednesday.

FINRA said it sought to amend a rule in its arbitration procedure for industry disputes to preclude collective action claims by brokers under the Fair Labor Standards Act, the Age Discrimination in Employment Act and the Equal Pay Act of 1963 from being arbitrated.

The organization filed the proposed rule in December with the U.S. Securities and Exchange...
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