We are not about to let it persist and spread without a major, public fight. Continued, vigorous defense of its mandatory arbitration system can only bring additional unwanted scrutiny to the securities industry. In short, it is in the best interest of the firms as well as the employees in the securities industry to bring a swift and just resolution to this conflict by acknowledging that employees are entitled to the full benefits of the nation's equal employment opportunity laws. Thanks to mandatory arbitration, the securities industry is still a field dominated by white men. When employees sign the NASD 's Form U-4, they sign away their rights.
Mandatory arbitration can also cost corporations more money.
If proponents of arbitration are correct in their belief that it is faster, cheaper and better than the judicial system, then surely employees and their attorneys will opt for arbitration in a voluntary system. However, those plaintiffs who wish to file their complaints in a court of law, to be heard before an impartial judge and jury of peers, must not be denied that opportunity. To do so undermines the civil rights laws and mocks the work of suffragists, abolitionists and civil and women's rights activists. We challenge the NASD and its member organizations to take the lead and set the example by removing the arbitration requirement from the Form U-4 and all employment contracts.