(December 20 – 11:20 ET) – Arbitration is now available for clients of Investment Dealers Association of Canada member firms in Nova Scotia, New Brunswick Prince Edward Island and Newfoundland

Under the new program, introduced voluntarily by the IDA, a client of an IDA Member firm can opt to resolve a dispute through an arbitration process. While the program is optional for clients, participation is mandatory for member firms.

ADR Chambers, a national alternative dispute resolution firm, has been selected to deliver the arbitration services for IDA Member firm clients in Nova Scotia, in New Brunswick, in Prince Edward Island, and in Newfoundland. ADR Chambers will conduct proceedings independently of the IDA.

The program, which begins on January 1, 2000, will cover investors disputes regarding transactions occurring on or after June 30, 1999, to a maximum of $100,000.

“Binding arbitration provides investors with a real alternative to lengthy, costly and contentious court proceedings,” says IDA President and CEO Joe Oliver. The new program is structured to ensure that a complaint is resolved within a time frame of approximately three months at a fraction of the cost of an average trial.

The IDA arbitration program is now available Canada-wide to clients of IDA Member firms.
-IE Staff