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Home / Opinion Digests / Arbitrators exhibited ‘manifest disregard of the law’ (access required)

Arbitrators exhibited ‘manifest disregard of the law’ (access required)

A panel of arbitrators, ignoring previous guidance from the court, disregarded the law that FINRA rules provide no private right of action. The court remanded with specific instructions that a broker’s counterclaims be considered by a different FINRA arbitration panel. Background In January 2017, a Financial Industry Regulatory Authority arbitration panel rendered an arbitration award in favor ...