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How does one start securities arbitration?
If you use a lawyer with experience in securities broker-dealer disputes, s/he will know what do to. If you prefer to handle it yourself, here are some of the steps.
You'll file a Statement of Claim with the NASD's (or exchange's) Director of Arbitration. This will be a typewritten or printed document that sets forth the details of the dispute including all relevant dates and names, in a clear, concise, and chronological fashion. You should conclude by indicating what relief (e.g., money damages in a specific amount, performance of a particular agreement, interest, etc.) you are requesting. You should attach copies of documents and supporting materials as exhibits to the Statement of Claim and provide sufficient copies for each party, the arbitrators, and the self-regulatory organization.
You'll pay the required arbitration fees as a deposit. Some or all may be refundable if you prevail.
You will state where you want the case to be heard and the reasons for that choice. The actual decision as to place of hearing is made by the Director of Arbitration. Arbitrators can be empanelled in many of the major urban areas throughout the country. Consideration is given to the convenience of the parties, the availability of necessary records or witnesses, and the availability of qualified arbitrators. Generally, the hearing location is near where the customer resided when the dispute arose.
You'll complete a Submission Agreement confirming you agree to submit the dispute to arbitration and to abide by the decision (the "award") of the arbitrators. One warning - you will also agree to be bound by the decision of the arbitrators with regard to any counterclaim (a claim against you) that the broker may bring. |
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