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SER members continue to be involved in the expert witness space. An SER working group headed up by George Friedman took on the issue of so-called “phantom retention” of an expert. A phantom retention occurs when one party to an arbitration lists an expert witness during the 20-day exchange without the knowledge or consent of the listed expert and does so without actually retaining the named expert.

The group, including Stuart Ober, Rick Ryder, Ross Tulman and Patti Koetting, submitted a detailed report on phantom retentions to the FINRA Dispute Resolution Task Force (DRTaskForce) using as a centerpiece the "Ober Report" that was sent to the FINRA Dispute Resolution Arbitration Task Force last March (click here for earlier press release). The DRTaskForce responded favorably and recommended an addition to the initial pre-hearing conference script to discourage this practice strongly. The FINRA Task Force also recommended that the Public Investors Arbitration Bar Association (PIABA) and the Securities Industry and Financial Markets Association (SIFMA) both remind their members periodically that FINRA Dispute Resolution does not favor such practices.

Use this link - http://www.finra.org/sites/default/files/Final-DR-task-force-report.pdf to access the full report of FINRA’s DRTaskForce. SER’s recommendation is on page 42.

Congratulations and well done to all involved!

As I will repeat each month for the balance of my term in office, please remember that new members are the plasma that re-invigorates SER’s lifeblood. The approval process has been streamlined, so be on the lookout for qualified candidates.

“Merry Christmas” and “Happy Holidays” to each of you and your extended families during this holiday season, and best wishes for good health and prosperity in 2016. Respectfully, Bruce Foerster

Save the Date!

2016 Annual Meeting & Conference, July 22-23

Union League Club 38 E 37th St, New York, NY

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