FINRA Launches Small Claims Telephonic Mediation Pilot Program

FINRA has announced the launch of a pilot program offering the parties in simplified cases pro bono or reduced-fee telephone mediation. Participation in the pilot program, which began on January 15, is voluntary and open to cases involving claims of $50,000 or less. According to FINRA's press release, parties interested in participating in the pilot program can notify FINRA by visiting FINRA's artitration and meditation small claims page. Mediators would serve on a pro bono basis on cases involving claims of $25,000 or less in damages, and for reduced fees on cases with damage claims between $25,000.01 and $50,000. FINRA will not charge any administrative fees on these cases.

Click hereto view press release in full (links externally to FINRA website).