Large arbitration cases of $10 million or more can now create new processes to fit a case and go around certain established rules under a new pilot program launched today by the Financial Industry Regulatory Authority, or FINRA.
The move from the independent securities regulator comes as the number of large arbitration cases has increased, Linda Fienberg, president of FINRA dispute resolution, said in a statement. “We wanted to introduce a more formal approach to give parties greater flexibility and more control over the administration of their case,” Fienberg said.
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