Arbitration hearings are the equivalent of a courtroom trial, but less formal. During hearings, all parties meet to hear the case and to present supporting evidence.
After the panel is appointed, an Initial Prehearing Conference is scheduled.
After the complaining party, or claimant, files a Statement of Claim and pays the required fees, the opposing party, or respondent, is served with the Statement of Claim, and a cover letter explaining the arbitration process and setting a time for reply to the claim.
An arbitration panel consists of either one or three arbitrators. The Financial Industry Regulatory Authority (FINRA) provides that the number of arbitrators shall depend on the amount in controversy. Where the amount of a claim is $50,000 or less, the panel shall consist of one arbit
