|Thursday, October 16, 2003
Michael Shokouhi 202-728-8304
NASD Dispute Resolution Establishes New Hearing Location in Newark, New Jersey
Washington, DC — NASD announced today that its Dispute Resolution division has established a new hearing location in Newark, New Jersey to service arbitration and mediation claims. The addition of the Newark forum brings the total number of NASD hearing locations to 50. The new location is the first in New Jersey and became operational on October 13, 2003.
The Newark location will add to the options that investors and arbitrators will have in the New York City and New Jersey areas to conduct arbitration and mediation hearings. In 2002 there were 488 cases involving New Jersey claimants and currently the available pool of arbitrators for Newark is 452. The new hearing location will also help reduce the traveling time required for all participants to convene a hearing.
"NASD Dispute Resolution is always looking at ways to better serve the needs of its customers. The addition of hearing locations has proven to have a significant impact in this regard," said Linda Fienberg, President of NASD Dispute Resolution. "Due to the positive response and operational efficiencies that new locations have provided, we continue to look at additional locations for our forum."
All arbitration and mediation claims assigned to the Newark hearing location will be administered out of the Northeast Regional Office of NASD Dispute Resolution, located in New York City.
NASD Dispute Resolution is the largest securities dispute resolution forum in the world. NASD facilitates the efficient resolution of monetary, business, and employment disputes between investors, securities firms, and employees of securities firms by offering both arbitration and mediation services through a network of hearing locations across the United States.
NASD is the leading private-sector provider of financial regulatory services, dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. NASD touches virtually every aspect of the securities business - from registering and educating all industry participants, to examining securities firms, enforcing both NASD rules and the federal securities laws, and administering the largest dispute resolution forum for investors and member firms. For more information, please visit our Web site at www.nasd.com.