Wall Street Should Stop Playing The BullyMichael Schroeder
Six years ago, the Supreme Court handed down a decision that Wall Street thought was a major victory. Instead of allowing investors to take their broker to court, the high court ruled that investors are bound by the standard brokerage-account contract, which requires complaints to be resolved through arbitration. The industry figured that dealing with such spats out of court would be quicker and cheaper--and reduce the possibility of astronomical awards by jurors sympathetic to individual investors.
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