NASD Dispute Resolution Kicks Off Settlement Month; Lower Mediation Prices for October
Amy E. Hyland (202) 728-8304
Washington, D.C.—NASD Dispute Resolution, Inc., today announced that its annual Settlement Month program will take place this October, giving parties the chance to try mediation, as an alternative to arbitration. Parties that mediate cases in the NASD forum during Settlement Month will be able to do so anywhere in the country at significantly reduced rates.
"October’s Settlement Month marks NASD’s fourth annual settlement event, and the fifth anniversary of NASD Dispute Resolution’s steadily growing mediation program. We are all proud of the success of the mediation program, which has helped an increasing number of parties to resolve disputes through a highly efficient process. This year’s Settlement Month will be another opportunity to educate and to inspire more people to think about mediation as a less expensive and effective alternative to arbitration," said Linda D. Fienberg, President of NASD Dispute Resolution.
Mediation is a voluntary, non-binding dispute resolution process in which a trained, impartial individual helps parties to negotiate and reach a settlement. The mediation process is unique in that there are no "winners" and "losers;" instead, the mediator assists the parties in reaching a resolution that is acceptable to all.
Hundreds of top-quality mediators have agreed to reduce their normal fees during Settlement Month, allowing NASD Dispute Resolution to present substantial savings to the parties. In October, mediation prices will be as follows:
- Cases with actual damages up to $25,000 will cost only $100 per party for a 4-hour mediation;
- Cases with actual damages from $25,001 to $100,000 will cost only $200 per party for a 4-hour mediation; and
- Cases with actual damages over $100,000 are only $600 per party for an 8-hour mediation.
In addition, NASD Dispute Resolution will waive all filing fees for cases with claims of $25,000 or less. For cases with more than $25,000 in dispute, the filing fee will be $150 per party.
In the past five years, parties have used the mediation process in over 4000 cases with, approximately 80 percent resulting in a settlement between the parties. In January, 2000, NASD Dispute Resolution started distributing a new questionnaire to forum users to gauge their satisfaction with mediation. Of the 128 users who responded to the survey this year, 92 percent reported satisfaction with NASD staff, 92 percent said the mediator was skilled in facilitating settlement, and 95 percent said they would use NASD Mediation in the future.
Settlement Month will be conducted in all 46 cities covered by NASD Dispute Resolution. Interested parties can view the interactive map listing available locations on the NASD Dispute Resolution Web site at www.nasdadr.com. Persons may also contact Kenneth Andrichik, Director of Mediation, or Elizabeth McCoy, Assistant Director of Mediation, at 212-858-4400, call1-888-NY-MEDI-8 (888-696-3348), or e-mail firstname.lastname@example.org.
NASD Dispute ResolutionSM is the nation’s largest securities industry dispute resolution forum, handling over 90 percent of all securities-related disputes through arbitration and/or mediation. NASD Dispute Resolution, NASD Regulation, Inc., the Nasdaq Stock Market, Inc., and the American Stock Exchange® are subsidiaries of the National Association of Securities Dealers, Inc. (NASD®), the largest securities industry self-regulatory organization in the United States. For more information, please visit the NASD Dispute Resolution Web site at www.nasdadr.com.