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In a message dated 9/17/98 3:58:46 PM, lincolnf@xxxxxxxxxxxxx writes:
<< My new broker did not question my not signing the consent to arbitration
> form. It appears to optional. I never tohought about it until now. I
> thought arbitration would be fair. I can't say that I feel that way
> now. I will not sign one again.>>
I wouldn't jump to any conclusions based on one bad experience. In my
experience the arbitration panels usually bend over backwards to come to the
rescue of the little guys against the big firms. Arbitration is much, much
cheaper and faster than the alternatives.
I know of one big firm in So Calif that has a bad reputation. They REQUIRE
their clients to sign a NON-arbitration agreement to discourage actions
against them. This protects them from all the little clients who might lose a
few thousand. It costs thousands to bring an action in court these days and
it takes years to resolve. This firm never seems to have any legal problems in
spite of their continued disregard for their clients welfare. Who wants to
spend $10,000 or more to initiate a $5,000 claim?
Chuck
http://traderclub.com/
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