NASD statistics also show that customers are winning a greater percentage of cases than in previous years. Of the roughly 1,500 cases that were decided last year, 55 percent involved customer awards. In both 2000 and 2001, 53 percent of cases generated awards.
Not surprisingly, given the losses incurred in the bear market, arbitration awards were also higher last year. Customers received US$139 million in awards, up 43 percent from 2001 and almost double the level of 2000.
There is more. According to the Big Board, customer complaints almost doubled last year from 2001, rising to 1,009 cases.
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