Securities General Business Alternative Dispute Resolution (ADR)

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Your daily dose of financial news The Brief – 2.5.16

Jobs report Friday again. Here are the 5 Things the Journal told you to watch – WSJ (and NYTimes)... The Upshot’s not saying that a 2016 recession is inevitable, but if it does happen, this may be the path that takes us...more

FINRA Arbitrations: Behind Claimant “Win” Statistics

FINRA reported that, for 2015, Claimants won about half of private securities arbitrations: 47% for all-public panel decisions; 45% for majority-public panels. A colleague and securities mediator, Dana Pescosolido, recently...more

Arbitration Provision Which Completely Prohibited Any Discovery Enforced By NC Business court.

I don't draft arbitration provisions in agreements, but if I did I would not draft one like the one in Taggart v. Physicians Pharmacy Alliance, Inc. Not because it turned out to be unenforceable, but because it was found to...more

Filing Of Four Lawsuits Over Ten Years Did Not Waive Right To Arbitrate Where “Litigation Machinery” Had Not Been Invoked

Grigsby & Associates appealed an order confirming an arbitration award of compensatory damages and attorney fees to M Securities, in a dispute relating to underwriting fees owed in a municipal bond transaction. Grigsby...more

The Delaware Rapid Arbitration Act: Quick and Easy – But Does it Work in the VC/PE Context?

The Delaware Rapid Arbitration Act (DRAA), effective as of May 2, 2015, is a recent arbitration statute that promises to be popular among parties to a wide range of business agreements. The DRAA is intended to be used...more

FINRA-DR Task Force Report on Securities Arbitrations

FINRA’s Dispute Resolution Task Force issued its Final Report in mid-December. The Report reflects the group’s consideration of wide-ranging issues affecting the nation’s principle dispute-resolution forum for broker-dealers,...more

Your daily dose of financial news The Brief – 11.16.15

Global stocks are down—but not dramatically—this morning in the continuing aftermath of the tragic weekend attacks in Paris – Bloomberg... News emerged Friday afternoon that Barclays and a proposed class over...more

The Rise in Arbitration Claims Filed by Renewable Energy Investors Under the Energy Charter Treaty

In the past three years, the number of claims filed by renewable energy investors under the Energy Charter Treaty (ECT) has risen significantly. In particular, Spain, who had been the subject of only a handful of...more

CFPB Moves to Ban Class Action Waivers But Will Not Ban Individual Arbitration

In a move that the financial industry long anticipated but nonetheless greeted with loud groans, the Consumer Financial Protection Bureau (“CFPB”) on October 7, 2015 proposed to ban class action waivers in contracts for...more

Eighth Circuit Holds Nj Law Tolls Arbitration Against Broker

The Eighth Circuit Court of Appeals recently held that New Jersey state law fraud claims against Morgan Keegan, the brokerage firm now part of Raymond James & Associates, were tolled by the plaintiffs’ efforts to collect an...more

ICSID Tribunal Upholds High Threshold for Granting Provisional Measures and Ordering Security for Costs

The International Centre for Settlement of Investment Disputes (ICSID) tribunal recently reaffirmed the high threshold for granting provisional measures in investor-state disputes, including in the context of making an order...more

ICSID Claim Against Austria Puts Bilateral Investment Treaties Under Spotlight

On 30 July 2015, the secretary general of the International Centre for Settlement of Investment Disputes (ICSID) registered a request to begin arbitration proceedings against the Republic of Austria. . The request was...more

Third Party Successfully Challenges Arbitral Award

Introduction - In France, a procedure exists whereby a third party (X) affected by a judgement between two other parties (Y,Z), may challenge that judgement by way of third party action (tierce opposition), where that...more

FTC Cautions Against Improper Reliance on “Investment-Only” Exemption

Investment manager Third Point LLC and three of its affiliated funds have entered into a proposed settlement agreement with the federal antitrust authorities for violations of the Hart-Scott-Rodino Antitrust Improvements Act...more

The International Arbitration Review

International arbitration is a fast-moving express train, with new awards and court decisions of significance somewhere in the world rushing past every week. Legislatures, too, constantly tinker with or entirely revamp...more

US Chamber Recommends SEC Enforcement Changes

Last week the US Chamber of Commerce, through its Center for Capital Markets Competitiveness, issued a white paper proposing wide-ranging changes to the SEC’s enforcement process. Most of the 28 recommendations were...more

Enforcing arbitral awards in Sub-Saharan Africa--Part 1

Arbitration analysis: In Part 1 of this series, Steven Finizio, Danielle Morris and Katherine Drage of Wilmer Cutler Pickering Hale and Dorr LLP explore the importance of enforcement of arbitral awards to those investing in...more

FINRA Proposes Amendments to Arbitration Codes in an Attempt to Increase Efficiency and Effectiveness of Arbitration Process

The Financial Industry Regulatory Authority (“FINRA”) recently filed a proposed rule change with the Securities and Exchange Commission (“SEC”) to amend Rules 12214 and 12601 of the Code of Arbitration for Customer Disputes...more

Still Threatened: Arbitration Clauses in Securities Customer Agreements

In a report to Congress released in March, the Consumer Financial Protection Bureau (CFPB) takes aim at consumer agreements that require disputes to be resolved by arbitration. The CFPB generally does not have...more

Mediation Pilot Program Caps Year of OSC Enforcement Developments

On May 1, 2015, the Enforcement Branch of the Ontario Securities Commission (OSC) will launch a mediation pilot program. This program caps a year that has seen significant changes to the OSC’s approach to initiating and...more

What’s New in Delaware: Fee-Shifting and Forum Selection Bylaws, Appraisal Rights and Rapid Confidential Arbitration

The Corporation Law Section of the Delaware State Bar Association recently approved amendments to the General Corporation Law of the State of Delaware (the “Proposed DGCL Amendments”), which would prohibit Delaware stock...more

California court Refuses To Enforce Bylaw Amendment Compelling Arbitration By the Members Of The Corporation

There have been several recent Delaware court decisions and much commentary regarding the enforceability of bylaw provisions that establish rules governing stockholder litigation, including fee-shifting provisions and forum...more

SEC Approval of New FINRA Public Arbitrator Rule Imposes New Limits on the Pool of Potential Public Arbitrators

The SEC recently approved FINRA’s proposed new rule changes to the definitions of public arbitrator (FINRA Rules 12100(u) and 13100(u)) and non-public arbitrator (FINRA Rules 12100(p) and 13100(p)), after receiving over 300...more

SEC Approved FINRA Public Arbitrator Rule

On February 26, 2015, the Securities and Exchange Commission (“SEC”) approved a rule proposed by the Financial Industry Regulatory Authority, Inc. (“FINRA”). The rule, originally proposed by FINRA on June 17, 2014, amends...more

SEC Approves New Rule Limiting Who Qualifies As a Public Arbitrator in FINRA Proceedings

On February 26, 2015, the Securities Exchange Commission (“SEC”) approved proposed Financial Industry Regulatory Authority (“FINRA”) rules that will substantially reduce the number of public arbitrators on the roster for...more

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