NY Times article: unfair FINRA forced arbitration.

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It will come as no surprise that the Wall Street overlords win the vast majority of the cases that get brought before Finra arbitrators. Some 92 percent of the cases involving employee disputes and some 80 percent of the cases involving customer disputes are decided in favor of Wall Street banks. It just would not do for a Wall Street-controlled organization to be handing down rulings adverse to Wall Street’s interests. And the arbitrators themselves, whom Finra pays at least $300 to $425 (for the chairman of the panel) a day for their services, would not last long if they often ruled against the big Wall Street firms.

So not only is forced arbitration a major curbing of legal rights, but Finra’s version of arbitration also comes with an additional dollop of what seems like bias. This has long been suspected but is difficult to prove unless you happen to be involved with an arbitration case and have firsthand knowledge of how unfair it can seem.

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