PIABA Announces Strong Support For Investor Choice Act Barring Mandatory Arbitration

PIABA Announces Strong Support For Investor Choice Act Barring Mandatory Arbitration

PIABA (Reuters) (February 27, 2015 ) -- The following statement was issued today by Joseph C. Peiffer, president of the Public Investors Arbitration Bar Association (PIABA):

"Yesterday, Rep. Keith Ellison (D-MN) introduced H.R. 1098, The Investor Choice Act in Congress. This important legislation will finally restore an investor's right to choose either arbitration or court to resolve disputes with brokerage firms. It will ensure that mandatory pre-dispute arbitration provisions, which are inserted in virtually every brokerage contract, are statutorily prohibited under U.S. securities laws.