Claims up, but the increase is from industry, not customers
NYSE STATS, 3/03:
The New York Stock Exchange has maintained a small lead over the pace of new filings thus far this year, but filings are declining in the customer-related category. New claims filed during the first quarter of 2003 totaled 344, which is more than 60% of the total case submissions for all of 2000. The 344 filings also represent a small increase (less than 1%) over the filings for the same period last year, but that increase comes from the industry sector, not customer claims.
Actually, new filings by customers have dropped 12% from last year, although the pace revived a bit in March. Meanwhile, industry disputes have more than doubled in number (from 41 to 97) and most of that doubling occurred in the month of March. This past month, the number of new claims between members and their employees increased by 57, as compared to only 16 filings in March 2002.
On the close-out side, settlements and decided cases are both up substantially, leading to a 27% total increase in cases closed compared to the first quarter of 2002 (215 vs. 169). Final Awards were rendered in 74 of the 215 cases and 133, or 61%, of the cases settled (8 cases were otherwise terminated.). In 2000, the settlement rate was 65% and in 2001 it was 62%. (ed:
Commenting at the SIA Conference (4/6-9) on the flat case volume, NYSE Arbitration Director Robert Clemente implied that the respite was welcome, given the annual percentage increases experienced by the Exchange in 2002 (68%) and 2001 (41%) Despite the large increase in caseload, Mr. Clemente reported, the Exchange has maintained an admirable turnaround average, approximately 10 months at this time.)
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