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October, FINRA’s Office of Dispute Resolution significantly reduces mediation
prices in order to encourage mediation and settlement of customer and industry
disputes. The goal of Settlement Month
is to encourage parties to experience the benefits of mediation for the first
time and to reinforce its value and effectiveness for those who have been
through the mediation process already.
mediation has many advantages, including time and cost savings and influence
over the quality. Settlement is
generally swift as sessions can be held telephonically and the fees and
expenses are low compared to private mediators.
Parties can also choose the mediator from a select roster of experienced
FINRA mediators. Oftentimes, these
mediators have served as arbitrators as well and are experienced with the
arbitration process and FINRA rules and procedures.
mediation program results in settlements more than 80% of the time with FINRA
mediators settling four out of every five cases. During October, all fees are reduced to
encourage use of the program. Cases with
an amount in controversy up to $25,000 pay a total of $100 per party for a
four-hour mediation; cases with an amount in controversy from $25,001 to
$100,000 pay a total of $200 per party for a four-hour mediation; and cases
with an amount in controversy over $100,000 pay a total of $500 per party for
an eight-hour mediation. FINRA filing
fees also apply, but are reduced 50% during Settlement Month.
remind our clients that in order to qualify for the reduced fees this year,
parties must agree to mediate by October 31st and hold their
mediation by December 31st.