Securities
Apr. 18, 2014
Flawed reasoning in ruling on broker-dealer arbitration
A new decision holds that if parties have not made a written agreement to arbitrate, a forum selection clause will operate as a "disclaimer" of an investor's right to form an arbitration agreement. By Matthew W. Woodruff
The recent opinion of the 9th U.S. Circuit Court of Appeals in Goldman Sachs & Co. v. City of Reno, 2014 DJDAR 4082 (March 31, 2014), is the latest installment in the ongoing effort of the federal judiciary to come to grips with the "request" part of FINRA Rule 12200. Under FINRA Rule 12200, a registered broker-dealer (and "member" of the Financial Industry Regulatory Authority) can be required to arbitrate a ...
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