March 24, 2008
I have been representing investors in securities arbitrations for the past 12 years. While my preference based on those 12 years experience is to have no dispositive motions allowed in arbitration, given the present rules and understanding how those motions are treated and the proposed rules change, I am in favor of the proposed rule change.
I would urge those charged with the duty to train arbitrators as to the proper application of this rule to remind arbitrators that: (1) this is not a forum of choice for the investor,(2) it is not a court of law but a court of equity,(3) their decision is for all intent and purpose not subject to appeal and (4)to always err on the side of giving investors a full and fair hearing on the merits vs. prematurely curtailing the proceedings based on a motion that has the draconian effect of forever dismissing the investors one and only opportunity to seek and receive justice and equity.