A New York judge has taken the rare step of vacating an arbitration panel's $95,000 punitive damages award to a former Barclays Capital employee because it was rendered in "manifest disregard of the law." The judge held that the National Association of Securities Dealers arbitration panel "chose to ignore ... explicitly and directly applicable" precedent when it allowed the employee to recover damages for an allegedly libelous statement by Barclays in a mandatory form filed with the NASD.
Judge Vacates Arbitration Panel's Punitive Damages Award to Former Barclays Employee
New York Law Journal
April 24, 2008