On June 8th, the Financial Industry Regulatory Authority ("FINRA") announced SEC approval of amendments to FINRA Rule 13204 of the Code of Arbitration Procedure for Industry Disputes (Industry Code) to preclude collective action claims by employees of FINRA member firms under the Fair Labor Standards Act, the Age Discrimination in Employment Act or the Equal Pay Act of 1963 from being arbitrated under the Industry Code. The amendments are effective July 9, 2012, for any claims that are part of a certified or putative collective action under the FLSA, ADEA or EPA. FINRA Regulatory Notice 12-28.
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Rule prohibiting the arbitration of class action employment claims is approved
- Winston & Strawn LLP
- June 11 2012
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Cisco Systems, Inc