FINRA Fast-Tracks Arbitration for Seniors and the Sick: Justice Hurries
Published Date: 3/18/2025
Notice
Summary
FINRA wants to speed up arbitration cases for people who are older or have serious health issues. This change affects anyone involved in FINRA arbitration and aims to get their cases resolved faster, easing stress and delays. The SEC is now deciding whether to approve this rule, with a decision expected by March 26, 2025.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Fast‑track for parties age 70 or older
If you are a party in a FINRA arbitration and you are at least 70 years old at the time you request it, you may ask for accelerated processing under the proposed rules. FINRA says eligible cases could close about six months sooner than under the current program.
Fast‑track for parties with serious health conditions
If you are a party in a FINRA arbitration and you certify (in the form required by FINRA's DRS Director) that you have a medical diagnosis and prognosis and reasonably believe accelerated processing is necessary to avoid prejudice, you may request accelerated processing. The certification does not require you to disclose medical details, and the certification alone cannot be used to force production of medical information or questioning at hearings.
10‑month benchmark for awards and faster arbitrator lists
For cases accepted as accelerated, panels would be required to endeavor to render an award within 10 months of the Director's determination, and hold a prehearing conference to set schedules consistent with that 10‑month goal. The Director must also send lists of potential arbitrators "as soon as practicable after the last answer is due," even if parties had agreed to extend answer deadlines.
Shorter party deadlines in accelerated cases
In accelerated FINRA cases, several default party deadlines would be shortened: answers and submission agreements must be served within 30 days instead of 45; responses to third‑party claims within 30 days instead of 45; ranked arbitrator lists returned within 10 days instead of 20; customer Document Production List responses within 35 days instead of 60; and other discovery responses within 30 days instead of 60. Parties or panels may extend these deadlines when warranted.
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