Its Web site is better than the NASD's because it carries actual decisions, as well as rules and instructions about how to file. Member lawyers are in 44 states and the District of Columbia. They cannot work for the securities industry and must spend most of their time representing investors. The site features a newsletter that's read by nearly all investor lawyers because it's the only publication devoted exclusively to arbitration. Some nonlawyers say that reading Commentator helped them to prepare for the hearing.
Aggrieved investors can beef about the arbitration system, but they're stuck with it.
Arbitration is used by the brokerage industry to avoid lawsuits. Arbitration allows no right of appeal. Punitive damages are rare, and there is no jury to impress. Cases are decided by a three-person panel, one of whose members is involved in the brokerage business. To get even, you need to grab control of the process and stay on the offensive.