New York, New York (PRWEB) October 24, 2007
On October 25, 2007 the U.S. Congress House Judiciary Committee, Subcommittee on Commercial and Administrative Law will be holding hearings on H.R. 3010, the "Arbitration Fairness Act of 2007."
Theodore G. Eppenstein is a partner of Eppenstein and Eppenstein, the prestigious New York based law firm concentrating for over 20 years in the securities fraud and commercial litigation field that has recovered over $50 million dollars for their clients in securities arbitration in the past five years. Ted will be testifying before the congressional Subcommittee in support of returning to public investors the right to go to court if they choose, and establishing a totally independent arbitration forum outside the industry for adjudication of public investors' securities fraud and other brokerage industry disputes.
Currently, brokerage and financial service industry customers face mandatory arbitration of such disputes in a system with unwieldy arbitration rules and no real choice of arbitration forum. The Constitutional right to trial by jury was virtually eliminated for securities fraud cases in 1987 by the U.S. Supreme Court in the landmark case Shearson v. McMahon in which Mr. Eppenstein represented the investors. In the wake of McMahon, Ted was previously asked to testify before two congressional subcommittees. The U.S. House of Representatives Subcommittee on Telecommunications and Finance in 1988 requested that Mr. Eppenstein appear before it and present his opinion of compulsory arbitration and arbitration reform. After testifying, along with his partner Madelaine Eppenstein, Ted assisted the Subcommittee in drafting remedial legislation (H.R. 4960). Mr. Eppenstein also testified before the U.S. House of Representatives Subcommittee on Criminal Justice to present his views on civil RICO reform.
Today, brokerage and financial services industry customers face mandatory arbitration of their disputes at FINRA, the self-regulator of the securities industry, sponsored by the industry, where a representative from the industry sits as one of three arbitrations on every case. Customers complain that FINRA has unwieldy arbitration rules, a lengthy -- and costly -- flawed process, and diminished chances for recovery.
Ted will recommend the formation of a new, independently run arbitration system for investor disputes administered outside of the industry, where only neutrals with no industry ties can be appointed if the parties can't voluntarily agree on arbitrators.
Ted's list of common broker and brokerage firm abuses affecting the investing public can be accessed through the internet portal to the firm's website, or directly on the firm's main website. Each one of these potential claims is fact-specific and can differ according to jurisdiction. Investors are advised to consult attorneys who have experience in this field about their potential claims. Information about securities arbitration can also be found on the firm's Securities Fraud Hotline.
About Eppenstein and Eppenstein:
Eppenstein and Eppenstein, in business over 25 years, is a respected New York-based securities arbitration and litigation firm with a domestic and global practice, widely known nationally and in the international community for protecting the rights of defrauded investors and businesses, as well as for obtaining significant arbitration awards for their clients. Ted has served for years as one of three public members of the Securities Industry Conference on Arbitration, a think tank that meets regularly, attended by representatives of FINRA, NASD, NYSE, SIA, NASAA and the SEC to discuss arbitration matters. The attorneys at Eppenstein and Eppenstein have extensive experience representing investors in actions against securities and commodities brokers and their brokerage and financial services firms, and in representing individuals and businesses in commercial litigation and in brokerage industry employment disputes. The firm has successfully represented international clientele from countries including Great Britain, France, Belgium, Italy, Switzerland, Germany, Ivory Coast, Hong Kong, Indonesia, India and the Middle East, and have counseled attorneys around the world on federal court litigation and arbitration of brokerage fraud matters.
They have successfully recovered millions of dollars in assets for investors, including a record-setting $46 million USD recovery in 2002 against Refco Inc. The portal to the firm's web site, http://www.securitieslawarbitration.com , is an introduction to the firm's history of successful representation of investors and businesses.
Theodore G. Eppenstein
Eppenstein and Eppenstein
767 Third Avenue, 23rd Floor
New York, NY 10017