Finance & Banking Alternative Dispute Resolution (ADR) Civil Procedure

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Third Circuit Affirms Whistleblowers Must Arbitrate Under Dodd-Frank

On December 8, the U.S. Court of Appeals for the Third Circuit held that application of Dodd-Frank’s Anti-Arbitration provision did not apply to causes of action asserted under the Anti-Retaliation Dodd Frank Provision due to...more

UPDATE: Third Circuit Affirms Arbitrability of Dodd-Frank Retaliation Claim in Khazin v. TD Ameritrade Holding Corp., ___ F.3d...

In March, we wrote about a ruling out of the District of New Jersey enforcing an arbitration provision contained in an employment agreement that pre-dated Dodd-Frank. The court reasoned that to disregard a pre-Dodd-Frank...more

Ninth Circuit Holds that Putative TCPA Class Action Is Not Subject to Arbitration Clause in Shrinkwrap Contract

The Ninth Circuit recently held that a putative class action asserting violations of the federal Telephone Consumer Protection Act (“TCPA”) was not subject to arbitration because the representative plaintiff was unaware of...more

What to Expect from Your Mediation with Midland Funding, LLC

When it comes to fighting back against debt collectors like Midland Funding, Portfolio Recovery, or CACH, LLC (to name just a few) there are a lot of ” – tions ” . You have “litigation”, “arbitration” , and “mediation” . ...more

Firms Have Roadmap for Expanding Litigation of Customer Disputes After Second Circuit Holds Forum Selection Clauses Trump FINRA’s...

In the recent decision, Goldman Sachs & Co. v. Golden Empire Sch. Fin. Auth., 764 F.3d 210 (2d Cir. 2014), the Second Circuit held that nearly-identical forum selection clauses in broker-dealer agreements between the...more

FINRA Issues Guidance Notice on Confidentiality Provisions in Settlement Agreements and the Arbitration Discovery Process

In Regulatory Notice 14-40, FINRA reminds members that it is a violation of FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) to incorporate into a settlement agreement a confidentiality provision...more

FINRA: Firms Should Not Restrict Whistleblower Rights

Why it matters - In a new regulatory notice, the Financial Industry Regulatory Authority (FINRA) reminded regulated firms not to prohibit the exercise of whistleblower rights in settlement agreements with employees and...more

Second Circuit Extends Scope of Federal Jurisdiction In Litigation Arising From The Facebook IPO

In a recent case arising from the Facebook IPO, NASDAQ OMX Group v. UBS Securities, LLC, No. 13-Civ. 2657 (2d Cir. October 31, 2014), the Second Circuit determined that the federal courts had jurisdiction to enjoin an...more

Arbitration vs Forum-Selection Clauses: Chicken & Egg Dilemma?

Last week the Fifth Circuit weighed in on how inartfully crafted arbitration and forum-selection clauses might trump one another. Together with recent decisions from the Second and Ninth Circuits – each with cert petitions...more

Florida Appellate Court: Open Meeting Law Applies to Collective Bargaining - The Florida Court Holds That a Mediation Settlement...

In a crucial victory for transparency, a Florida state appeals court ruled on Oct. 21, 2014, that the law will not "condone hiding behind federal mediation" when municipal governments try "to thwart the requirements of the...more

Legal Briefs: A Periodic Summary of Judicial Decisions Affecting Accounting and Financial Services Professionals - October 2014

The New Jersey District Court recently ruled that an economic damages expert retained by plaintiffs’ counsel in a class action was not entitled to any further compensation for his work. The facts in Rothstein v. Harstad...more

Applicability Of Late Payment Of Commercial Debts (Interest) Act 1998 – What Is A "Sufficient Connecting Factor" With England?

In Martrade Shipping & Transport GmbH v United Enterprises Corp [2014] EWHC 1884 (Comm), 12 June 2014, Popplewell J considered the application of the Late Payment of Commercial Debts (Interest) Act 1998 (the 1998 Act) to...more

N.J. Supreme Court Rules that Consumer Arbitration Pact Is Invalid

The court found that the arbitration agreement failed to clearly and unambiguously advise that the plaintiff was giving up the right to pursue statutory claims in court....more

Second Circuit Holds Forum Selection Clause Supersedes FINRA’s Mandatory Arbitration Rule

In Goldman, Sachs & Co. v. Golden Empire Schools Financing Authority, No. 13-797-cv, 2014 WL 4099289 (2d Cir. Aug. 21, 2014), the United States Court of Appeals for the Second Circuit held that a forum selection clause in a...more

Forum-Selection vs. Arbitration Issue Teeing Up for Supremes

The Second Circuit stayed its mandate last week to allow public-pension litigants to file cert petitions seeking review of its August holding that a subsequent account-agreement forum-selection clause requiring federal-court...more

A Check in the “Win” Column for Broker-Dealers!

The Second Circuit recently issued a single opinion for two cases [Goldman Sachs & Co. v. Golden Empire Sch. Fin. Auth., No. 13-797-cv (2d Cir. Aug. 21, 2014) and Citigroup Global Mkts. Inc. v. N.C.E. Mun. Power Agency, No....more

Second Circuit Decision Provides Guidance for Drafting Enforceable Broker-Dealer Agreement Forum Selection Clause

On August 21, the US Court of Appeals for the Second Circuit decided two closely watched appeals regarding the intersection of Financial Industry Regulatory Authority, Inc. (FINRA) rules mandating arbitration of...more

Second Circuit Defines “Customer” for Mandatory FINRA Arbitration

In a case of first impression, the United States Court of Appeals for the Second Circuit in Citigroup Global Markets, Inc. v. Abbar, No. 13-2172, 2014 WL 3765867 (2d Cir. Aug. 1, 2014), established a bright-line definition of...more

Second Circuit Holds Contractual Forum Selection Clause Supersedes FINRA Mandatory Arbitration Rule

On August 21, the US Court of Appeals for the Second Circuit decided two closely watched appeals regarding the intersection of Financial Industry Regulatory Authority, Inc. rules regarding mandatory arbitration of disputes...more

Second Circuit Finds That Forum Selection Clauses Supersede FINRA Arbitration Rule

On August 21, the U.S. Court of Appeals for the Second Circuit held that forum selection clauses, requiring “all actions and proceedings” related to the transactions between the parties to be brought in court, supplant...more

Corporate and Financial Weekly Digest - Volume IX, Issue 34

In this issue: - Oregon State Court Refuses to Enforce Forum Selection Bylaw - SEC Announces Pilot Program to Widen Tick Sizes for Smaller Companies - NFA Issues Notice Setting Effective Date for Risk...more

Second Circuit Holds Subsequent Forum-Selection Clause Trumps FINRA Arbitration Requirement

The Second Circuit joined the Ninth in holding that a subsequent contractual forum-selection clause requiring federal-court litigation trumps the base requirement that FINRA member firms must arbitrate upon a customer’s...more

Second Circuit Rules Broad Forum Selection Clause Trumps FINRA Rule Requiring Arbitration

On August 21, 2014, the United States Court of Appeals for the Second Circuit joined the Ninth Circuit in holding that FINRA rules requiring arbitration of customer disputes may be superseded by an agreement between a member...more

Second Circuit Draws a Bright-line Rule to Determine Who Is a Customer Under Rule 12200

The decision in Citigroup Global Markets Inc. v. Abbar, Docket No. 13–2172 (August 1, 2014), by the U.S. Court of Appeals for the Second Circuit, has important implications for broker-dealers, particularly those dealing with...more

Tenth Circuit Affirms Denial Of Motion To Compel Arbitration Based On Unsigned Agreement

The Tenth Circuit recently affirmed a district court’s denial of a motion to compel arbitration in a securities fraud lawsuit brought by two investors in a company. The basis for the motion to compel was an arbitration...more

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