Investors Would Be Entitled To Explanations of Outcomes Under a Proposed NASD Rule

Wall Street Journal (Updated January 28, 2005 11:01 pm) -- In what could be a victory for small investors, arbitration panels that hear beefs against Wall Street firms soon may have to provide written reasons for their decisions, if asked.

After listening for years to often vocal criticism from politicians, investors and the lawyers who represent them, the National Association of Securities Dealers, the country's main forum for securities arbitration, said yesterday that its board of...