What is the process for selecting a securities arbitration panel?
Securities arbitration panels are created when investors bring a dispute to the Financial Industry Regulatory Authority (FINRA). These panels are composed of three or more arbitrators, who are legally trained and experienced in securities law. The process for selecting a securities arbitration panel in North Carolina starts with the FINRA office in North Carolina sending out a list of potential arbitrators to both parties involved in the dispute. The list of potential arbitrators includes their name, experience and qualifications. Both parties are then allowed to strike names from the list until the most preferred arbitrators remain. In cases where agreements about which arbitrators to use cannot be made, the FINRA office in North Carolina will make the selection. They will consider the parties’ preferences, but they are under no obligation to take them into account, and ultimately the decision is theirs. Once the arbitrators are selected, they are assigned a case and a hearing date. They are then responsible for ruling on the dispute and determining the remedies, if any, that the parties are entitled to. The rulings of the securities arbitration panel are legally binding and cannot be appealed.
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