The Wall Street Journal (Updated March 17, 2005 11:01 pm) -- For years, small investors have groused that securities arbitration, the main forum for hearing customer complaints, is stacked against them. Now, the industry association for lawyers who typically represent aggrieved investors is calling on lawmakers to abolish the slot given to Wall Street on arbitration panels.

"The industry arbitrator presents an appearance of bias and impropriety to the investing public," Rosemary Shockman, president of the Public Investors Arbitration Bar Association, told a...