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FINRA launches telephone mediation pilot for small claims

Jan 16 2013 Compliance Complete news team

The Financial Industry Regulatory Authority on Wednesday said it had launched a pilot program offering 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. "Telephone mediation is a lower-cost alternative, and would benefit dispute resolution forum users in many ways. Besides eliminating the travel and preparation costs typically associated with in-person mediation, telephonic mediation offers greater convenience and flexibility, and is a practical alternative for all parties involved," said Linda Fienberg, head of dispute resolution at FINRA. Parties interested in participating in the pilot can notify FINRA via a page on FINRA's website. FINRA staff also will notify eligible parties about the pilot program. Mediators would serve on a pro bono basis on cases involving claims of $25,000 or less in damages. Reduced-fee mediation

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