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To the editor: Arbitration sucks (“Unhappy with Kaiser’s medical dispute process, some patients push for state reform,” July 20). For 50 years, I have served as a securities industry arbitrator and have represented both firms and customers in hundreds of cases before multiple forums. The oft‑repeated promise that arbitration saves time and money over going to court is, in my experience, largely illusory.
Arbitrator eligibility typically has little to do with actual knowledge of securities law or procedure. Instead, people with no meaningful training in the field are essentially instructed to “do justice” as they see it. That may sound appealing, but in high‑stakes financial disputes, it too often means ad hoc decision‑making without a solid legal foundation.
After years of advocating for serious reform, I feel like Don Quixote — tilting at windmills in a structure designed to resist meaningful change.
Les Greenberg, Culver City
This story originally appeared in Los Angeles Times.
