What is the process for selecting a securities arbitration panel?
When filing a claim with a securities arbitration panel, an individual must first select the panel they wish to proceed with. In California, the three arbitration organizations that most commonly handle this type of dispute are the Financial Industry Regulatory Authority (FINRA), the American Arbitration Association (AAA), and the Judicial Arbitration & Mediation Services (JAMS). When choosing a panel, it is important to consider the associated costs, the time it will take for the arbitration to be completed, and the arbitrators that are part of the panel. In FINRA cases specifically, the panel is composed of a panel chair and two other members. Once the arbitrator selection process is initiated, both parties have the chance to review and select the panel on the basis of their experience and qualifications. The review process usually involves providing information about the importance of the dispute, the additional criteria for the panel, and proposed arbitrators. After the review and selection process, a panel is appointed and the arbitration process can begin. The arbitrators will review the information provided by both parties, hold a hearing, and render a decision. It is ultimately up to the arbitrator to determine the outcome of the dispute, which can either be decided by the party that is suing, the party being sued, or through a mutual settlement.
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