Selecting the right arbitrators in FINRA arbitration is a critical component of ensuring a fair and favorable outcome for clients involved in disputes with brokerage firms. At Bakhtiari & Harrison, we understand the intricacies of the arbitrator selection process and the impact it can have on arbitration claims. Our meticulous approach to selecting arbitrators helps us provide the best possible representation for our clients, whether we are representing a claimant or respondent.
Understanding the FINRA Arbitrator Selection Process
FINRA Dispute Resolution Services administers the arbitrator selection process, providing parties with lists of potential arbitrators. These lists include both public and non-public arbitrators, each bringing a different perspective to the arbitration panel. The process begins when FINRA sends each party a list of potential arbitrators, which they must then rank and strike according to their preferences.
The Rank and Strike Process
The rank and strike process is a crucial step in the arbitrator selection system. Parties are provided with separate lists for public and non-public arbitrators. Each party has the opportunity to review these lists, strike those they find unsuitable, and rank the remaining arbitrators in order of preference. The goal is for both parties to agree on a panel that can fairly adjudicate the dispute.
Our Meticulous Approach
At Bakhtiari & Harrison, we go beyond merely reviewing the provided lists of potential arbitrators. Our process involves:
- Comprehensive Research: We meticulously research each arbitrator on the non-public list and public list, examining their backgrounds, previous awards, and any relevant information that could impact their suitability for our client’s case.
- Due Diligence: Our due diligence process includes a thorough review of the arbitrator’s history, including their experience in the securities industry, past decisions, and any patterns that may suggest a bias or predisposition.
- Strategic Ranking: After gathering and analyzing all pertinent information, we rank the remaining arbitrators in the order most favorable to our client, whether we are representing a claimant or respondent. This strategic ranking is based on a detailed assessment of how each arbitrator’s background and previous awards align with the specifics of our client’s case.
Maximizing the Chance of a Favorable Outcome
“Don’t tell me what the law is, tell me who the judge is.” This adage highlights the importance of selecting the right decision-maker in any legal proceeding. Our detailed justifications for ranking arbitrators ensure that we select arbitrators who are most likely to be sympathetic to our client’s situation, regardless of whether they are a claimant or respondent. By carefully selecting arbitrators, we maximize the likelihood of achieving a favorable outcome for our clients.
FINRA Rules and Alternative Dispute Resolution
FINRA rules govern the arbitration process, and understanding these rules is essential for effectively navigating the arbitrator selection process. Our expertise in alternative dispute resolution and familiarity with FINRA’s rules allow us to adeptly manage the selection of arbitration panels.
The selection of arbitrators is a pivotal aspect of FINRA arbitration. At Bakhtiari & Harrison, we take pride in our meticulous approach to this process. By conducting thorough research and due diligence, we ensure that our clients have the best possible representation in their arbitration claims, whether they are claimants or respondents.
For more information on how we can assist you with your FINRA arbitration, contact Bakhtiari & Harrison.