Earlier this week, FINRA DR announced that it has launched a pilot program designed to allow parties to customize the administration of cases involving damages of $10 million or more. Parties who choose to opt into the pilot can “bypass” some of FINRA’s arbitration rules, and design their own administrative process to enhance party flexibility and control. The one downside: higher forum fees.
Kudos to FINRA for being willing to experiment with its arbitration forum to enhance party control over their process.
This is big news. Whenever there are $10 million dollars or more on the table, this is big news.