ARBITRATION IN THE CORPORATE WORLD This research

In the securities industry, arbitration has emerged since the mid to late 1980s as the principal vehicle for resolving disputes involving investors and securities brokerage firms. Today, a number of issues face the parties involved in securities-related disputes, including private investors seeking redress for alleged wrongdoing by brokerage firms, the self-regulating organizations ("SROs") under whose auspices such disputes are decided, the Securities and Exchange Commission ("SEC") and federal and state courts, as they attempt to achieve a proper balance between the interests of the investing public and the industry and to improve the effectiveness and fairness of securities arbitrations. Overall, the present system of securities arbitration appears to be working fairly well.

One of the principal bodies involved in

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PDAAs in employment agreements in Gilme v. Interstate/Johnson Lane Corp., 415 U.S. 36 (1974). It has also been utilized in shareholder derivative actions brought on behalf of publicly held corporations which have agreed to submit disputes to arbitration under their listing agreements with national and regional stock exchanges. In 1979-1980 SICA adopted the Uniform Code of Arbitration and established the first procedures for arbitration of disputes between investors and brokerage firms which were to be conducted by SROs such as NASD, NYSE and regional stock exchanges. The securities industry originally supported mandatory arbitration of investor disputes for two reasons: (1) the fear of runaway juries and being assessed punitive damages; and (2) because of the cost effectiveness of arbitration. Securities litigation can be very costly and lengthy. Lansing and Bailey said that, according to a survey conducted by the accounting firm of Deloitte, Haskins and Sells in 1987-1988, the average securities case in the courts costs in legal fees alone two and half times the legal costs of arbitrations and arbitrations in NYSE cases resulted in cost savings of about one half. Oliver said that "arbitration is the most practical alternati
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Approximate Word count = 5449
Approximate Pages = 22 (250 words per page)

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