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Decisions, Filings, Settlements all Up
NYSE STATS, 3rd Qtr. 02: The New York Stock Exchange continues to experience a hectic pace of new case filings, outdistancing last years third-quarter figures by 90%. Through September 2002, the Exchanges Arbitration Department reports the submission of 954 new claims versus 502 at this time in 2001.
NYSE Arbitration has also closed far more cases this year than last, 514 versus 332, a 55% increase. Despite the higher close-out figures, new case growth has contributed to an expanding docket that reached 1,191 at the quarters end, versus 603 at this time last year. Average turnaround time is a key indicator of docket control and, in that regard, NYSE reports case turnarounds in all categories have returned to one year or less. For all cases, the average time has been reduced from 11.5 months in 2001 to 10.7 months thus far this year. Even more importantly, cases closed by Award, those that proceed to a decision by the Arbitrators, are taking an average of 11.3 months to close, down from 14 months in 2001. Mediation settlements have contributed 45 closed cases in the first nine months versus 19 for the same period in 2001.
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