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Covering a $1.6M FINRA arbitration award dispute that delves in the enforceability of employment contracts in the financial services industry, Law360 featured Jonathan A. Scobie on the defense team that secured the award for a prominent broker-dealer client.
A former employee of the client had argued before the Third Circuit that, considering public policy, the three-judge panel should vacate the FINRA arbitration award that the client had won – a situation that was allegedly triggered by certain employment contract provisions. The Stevens & Lee team emphasized that the former employee did not meet any grounds for vacatur, waived his counterclaims by failing to raise them in the district court, and that the overall appeal was moot due to the intervening discharge of the award in the plaintiff’s bankruptcy. The Third Circuit affirmed that the defendant received a fair hearing during FINRA arbitration and that there was no evidence of legal error that would make it necessary to vacate the arbitration award in question.
