What is FINRA mediation and how does it differ from FINRA arbitration?
FINRA mediation is voluntary and is a more informal process than FINRA
arbitration or litigation. During mediation, both parties work toward
a resolution with an impartial third party mediator. The mediator works
with both parties and helps guide the discussions to remain focused and
productive. The goal of mediation is to find a mutually satisfactory resolution.
Unlike FINRA arbitration, the mediator has no power to make decisions in
the case, but the result that both parties agree to is binding. What you
should understand about mediation, though, is that it is best for your
FINRA lawyer to file for an arbitration proceeding first. It is not recommended
to pursue mediation outside of arbitration.
In fact, mediation can run concurrently with arbitration. Even if a full
settlement is not reached in mediation, major areas of the dispute may
be identified during the process, which can help with later arbitration
or stockbroker litigation. If you have been the victim of investment fraud
and have questions about FINRA mediation, arbitration, or litigation, call the
respected securities fraud attorneys with Meyer Wilson today for a FREE consultation.
You can also watch this video by attorney Chad Kohler to learn more about
what to expect during the process.