Knowing the Rules of Arbitration
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The letter from David E. Ross (“Locale of Arbitrations Was the Concern,” Aug. 6), concerning arbitration sites, illustrates a problem suffered by all investors when dealing with brokerage firms: the unequal power between the parties. Brokerage firms instituted arbitration procedures on their own terms and to their own advantage. That, however, is changing.
Ross, and all other investors, should know that recent court rulings have significantly affected the power of brokerages to determine the site, and the rules governing, arbitration hearings. Any investor who believes he has a legitimate complaint against his broker should consult a securities attorney or a reputable arbitration representative to review his remedies. Laws change over time. An account agreement signed several years ago may be subject to a different interpretation today.
BRIAN K. LOWE
Vice President
Senior Claims Administrator
Investors Arbitration Services Inc.
Woodland Hills
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