A recurring problem in civil litigation is the filing of claims by plaintiffs which lack merit, or are which are filed for purposes other than to address a grievance or a wrong. The problem is particularly acute in the securities arbitration arena, where in addition to the cost, expense and […]
Tag: Arbitration
$1 Arbitration Award plus punitive damages amended
After remand from court, arbitrators correct their award to comply with the applicable statutes. ALLISON v. MERRILL LYNCH, PIERCE, FENNER & SMITH, INC., NASD ID No. 01-05877 (Tampa, 2/26/04). The Arbitrators issued an amended Award in this case, because the first time, when they tried to give the Claimant $1.00 […]
Arbitrator Refusal to Hear Evidence
Refusal to Hear Evidence is Misconduct Only if Prejudice to Fair Hearing Results Woodley vs. Auerbach, Pollack & Richardson, Inc., Case NO 01-8489-CIV (SD Fla. 11-14/01) Woodley v. Auerbach, Pollak & Richardson, Inc., Case No. 01-8489-CIV-Middlebrooks (S.D. Fla., 11/14/01): An Arbitrator’s refusal to hear “pertinent and material” evidence constitutes misconduct […]
What Happens at a FINRA Arbitration Hearing?
By Mark Astarita, Esq. Past columns have touched on the arbitration hearing itself and have raised the question just what happens during an arbitration hearing. It seems that there are a wide variety of ideas on just how those proceedings take place, and there is a substantial misconception regarding the […]
The Case for Flat Fees For Defense In Securities Arbitration
The Defense of Securities Arbitration Claims Can Be Handled on a Flat Fee Basis By Mark J. Astarita, Esq. Every General Counsel at every brokerage firm that has ever been named in a securities arbitration, and every individual broker in the same situation, is aware of the cost of defending […]
Customer Claims in Arbitration
I have been representing customers and brokers in securities arbitration matters since 1982. In those 35 years I have handled over 700 securities arbitration cases. Since securities arbitration is such a large part of my practice, I also survey all of the arbitration awards that are entered in matters across […]
Compulsory Arbitration Waivers
Not just for lawyers, the Securities Law Home Page has information for every participant in the financial markets, including attorneys, paralegals, investors, entreprenuers, finders and others regarding the law of the financial markets and investments, including arbitration, NASD, NYSE and SEC rules and regulations, including those regarding churning, over trading, suitability, fraud, misprepresentation, and markups as well as corporate finance, IPOs, direct public offerings, securities law, securities regulation, commodities and related topics. Sponsored by Mark Astarita, Esq., a New York City securities attorney.
Arbitrators Are Not in Manifest Disregard of the Law Where Questions of Fact Exist
Arbitrators are not in manifest disregard of the law, where a question of fact exists that the Panel might have resolved in a number of ways First of Michigan Corp. v. Mansour, No. 228521 (Mich. App., 5/17/02). Award Challenge * Confirmation of Award * Manifest Disregard * Exceeding Powers * […]
Arbitrators Have Power to Dismiss Claims Before Hearing – Case Briefs
Reed vs. Mutual Service Corp – California – 2003 Reed v. Mutual Service Corp., 2003 Cal. App. LEXIS 395 (Cal. App., 2Dist., 2/21/03). Award Challenge * Confirmation of Award * Exceeding Powers * Arbitrator Bias/Evident Partiality * Timeliness Issues (Eligibility) * Waiver * Arbitrator Authority, Scope of * Res Judicata […]
NASD Defunct Firm Proposal
The Securities and Exchange Commission has invited public comment on a rule proposal from NASD Dispute Resolution that would institute default arbitration procedures for non-responding defunct firms and terminated personnel. When the General Accounting Office disclosed in June 2000 (SAA 00-26) that many winning Claimants in arbitration do not […]
