Thanks ZORDO. I found this useful tidbit
A six-year limitations period is imposed by the rules of many Self-Regulatory Organizations(SROs) (NASD sec.15; NYSE Rule 603) Section 4. of the SICA Uniform Code, for instance provides that: No dispute, claim, or controversy shall be eligible for submission to arbitration under this code if six (6) years shall have elapsed from the occurrence or event giving rise to the act or dispute, claim or controversy. This section shall not extend applicable statues of limitation, nor shall it apply to any case that is directed to arbitration by a court of competent jurisdiction. Application of the six-year rule may pose difficult questions. Although this is frequently understood to mean the purchase of the relevant securities, this is not the only interpretation. In Paine Weber, Inc. v Hofmann the court held that the six year rule should be applied by the court and remanded for a determination of which claims were barred. The claimant had argued that even where the purchase had occurred outside of the six year period, other wrongful acts, such as "active concealment" and the continuation of an "integrated pattern of wrongdoing" occurred within the six-year period. Bottom line is------- If the securities were purchased within the six year period you should be within the statutory period. Otherwise it depends. The self-regulatory organization ("SRO") arbitration rules generally provide a stream-lined procedure for "small claims"---disputes involving $10,000 or less exclusive of interest and cost. Known as "Simplified Arbitration", under which disputes can be resolved on written submissions, with no actual hearing. Even in such cases, the procedure is available only at the option of the customer, or by consent of the parties. Under the "Simplified Arbitration procedure, the dispute is submitted to a single arbitrator and the matter is resolved solely upon the pleadings and evidence filed by the parties. See Uniform Code 2, NYSE Rule 601, NASD Rules 13, AAA Rule 37 and NASD Rules 10.
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