How long is an arbitration case from start to finish?
Arbitration claims generally take 12-14 months to complete from filing the claim to rendering an award. Turnaround time varies due to the many factors affecting the arbitration claim: number of parties/witnesses, issue complexity, and scheduling conflicts between parties and arbitrators. Under certain circumstances, The Claimant may also request an expedited proceeding.
What are the circumstances that allow a case to be expedited?
Like various state statures, FINRA has implemented various measures to expedite arbitration proceedings in order to accommodate seniors or seriously ill parties. While FINRA staff cannot shorten the time requirements set in the FINRA arbitration code procedure, staff will be able to arbitration administration proceedings in cases involving seniors or seriously ill parties.
Under these types of proceedings, the FINRA Dispute Resolution staff aims to complete the arbitrator selection process, schedule the pre-hearing conference, serve the final award, and determine the interest of both parties in regards to mediation.
Expedited cases encourage arbitrators to take the party’s health and age into consideration and be sensitive to their needs when scheduling hearing dates, resolving discovery disputes, and determining postponement reasons. If the proceeding party is a senior or seriously ill, the arbitration panel will be expected to press for hearing dates and deadlines that will help expedite the process, but still provide a fair amount of time for case preparation.
FINRA Arbitration Attorneyst at The Law Offices of Place and Hanley, LLC are dedicated to protecting investor rights. If you’ve been a victim of pursuing FINRA arbitration, contact Place & Hanley, LLC for a free consultation at 866-318-4725.