New FINRA Arbitration Program Strives For Flexibility

Law360, New York (July 3, 2012, 7:47 PM EDT) -- In launching a pilot program Tuesday for claims of $10 million or more, the Financial Industry Regulatory Authority injected some much needed flexibility into its popular arbitration service and gave parties the long-desired ability to tweak the proceedings to better suit their needs, attorneys say.

Under the new program, FINRA will allow parties to hire their own arbitrators and set custom qualifications for those arbitrators. The self-regulatory body will also permit expanded discovery with depositions and interrogatories, and give parties the option to develop their own...
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