A group of prominent scientists, researchers, economists, and policy analysts is proposing to rewrite the rules for how we regulate arbitration in the United States.
In a report released Thursday, the group, which is chaired by Columbia University’s Andrew Rosenberg, argues that a “fair, open, and accountable system” for arbitration has been undermined by “a growing body of data that has shown that arbitration, when it occurs, often involves the use of deceptive and deceptive practices” and that “disputes over the meaning of a claim and the scope of a breach of contract are often resolved in arbitration rather than in court.”
The Arbitration Marketplace, which Rosenberg and his colleagues describe as a “public forum for research and public engagement on issues of public concern,” will serve as a forum for the public to weigh in on the arbitrations in question.
The authors argue that arbitration in many industries has become a “distorting and biased arbitrage mechanism.”
For example, in the past decade, there have been multiple instances where a major pharmaceutical company, a car manufacturer, or a retailer has paid out millions of dollars in arbitration claims to the same individuals who filed lawsuits against the company.
“The Arbitral Marketplace should serve as the first and foremost forum for consumers to engage in these types of disputes, provide access to the public, and educate stakeholders on the nature and scope of these disputes,” Rosenberg wrote.
“For example, it should provide a forum to consumers for independent arbitration, provide information about arbitration settlements, and facilitate access to public records related to the process.”
The Arbitral Market, which has not yet launched, will be open to anyone with a web browser, and will include information on arbitration settlements and how to opt out of arbitration.
The marketplace is designed to help consumers weigh in.
It will provide a platform for consumers who want to opt in to arbitration, and for experts who have expertise in a particular area.
“It’s important for consumers and experts to be able to provide feedback on the process and process,” said Elizabeth Paltrow, senior counsel at the Consumer Federation of America.
“Consumers want to know what the arbitration process is, so that they can make informed decisions about the best course of action for their financial and legal needs.”
In addition to the Arbitration marketplace, Rosenberg and the other signatories to the “Public Forum for Arbitration” include Harvard Law School professor Richard Rothstein; University of California Berkeley professor Daniel Gershengorn; and George Mason University law professor and former federal judge William Black.
“A fair, open and accountable arbitrage market is critical to fostering an economy of choice and choice for all,” Rosenberg said in a statement.
“There’s a strong public interest in ensuring that these processes are transparent, open to all, and fair.”
Rothstein has long been a critic of the arbitration market, calling it an “overly opaque” system that is often used to make it harder for people to win in court.
“The arbitral marketplace is a valuable public forum for researchers, experts, policymakers, and the general public to discuss and debate the impact of arbitration on the American economy,” he said.
“It should serve to help ensure that disputes over the definition of a legal claim are resolved in a fair and neutral manner, while also helping to foster a level playing field in the marketplace.”
A similar platform called the American Arbitration Association has been created to facilitate the public debate around the arbitrages in question, and is set to launch later this year.
The arbitraging platform, which will also include information about the arbitration settlements the companies are paying out, will also serve as an avenue for consumers, experts and consumers to weigh-in on the issues that will ultimately be addressed in the arbitration marketplace.
The public forum is set up to help provide a public forum to engage with the arbitration system, as well as to inform policy makers and decision-makers on issues relevant to the arbitration economy.
The platform will also provide an online forum for individuals to share their opinions and opinions about the process.
The new system is intended to provide transparency and a public discussion about the arbitrage markets in the US.
“We’re working on the new arbitration marketplace to create a new and transparent forum for all to engage, share, and participate in the American arbitration marketplace,” Rosenberg told The Huffington Post.
“This is not the way it should be.”
Rosenberg and his co-signers hope that the public forum will also help create an understanding of the market in which arbitration is used.
“Many of the things that have been reported about arbitrage are based on very flawed data, and people should be able share that,” Rosenberg added.
“And the new platform will provide access for the American public to participate in these discussions.”