X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

international lawNew York courts regularly hear cases involving the enforcement of commercial arbitral awards. They vacate or refuse enforcement of awards only on limited grounds, as required under the Federal Arbitration Act (the FAA) and New York CPLR Article 75. New York courts also regularly consider issues arising under the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, known as the New York Convention, which governs the enforcement of foreign and “nondomestic” arbitration awards and agreements. And in that context as well, the New York courts have generally taken a pro-arbitration approach.

A series of decisions in a long-running investor-broker dispute, however, is counter to those trends. In Fiorilla v. Citigroup Global Markets, the New York County Commercial Division, and the Appellate Division, First Department, vacated a FINRA arbitration award on the ground that the arbitrators manifestly disregarded the law because, the courts concluded, the arbitrators had wrongly rejected a motion to enforce a putative settlement agreement between the parties. Later in the case, those courts also enjoined the investor from seeking to enforce the FINRA award outside the United States. These decisions establish unfortunate precedent for domestic and international arbitration in New York state courts.

Want to continue reading?
Become a Free ALM Digital Reader.

Benefits of a Digital Membership:

  • Free access to 3 articles* every 30 days
  • Access to the entire ALM network of websites
  • Unlimited access to the ALM suite of newsletters
  • Build custom alerts on any search topic of your choosing
  • Search by a wide range of topics

*May exclude premium content
Already have an account?

 

Encyclopedia of New York Causes of Action: Elements and DefensesBook

The Encyclopedia of New York Causes of Action: Elements and Defensesis a single volume annual paperback. It is a quick starting point for virtually any civil case contain...

Get More Information
 

America's Claims Executive (ACE) 2020Event

ACE Leadership Forum & Expo is the annual conference for Senior Claims Managers in Insurance organizations.

Get More Information
 

Banking Litigation & Regulation Forum 2020Event

Delivers the key insights and practical solutions to acutely address the complex minefield of UK banking litigation & regulation.

Get More Information
 

Banking Litigation & Regulation Forum 2020Event

Delivers the key insights and practical solutions to acutely address the complex minefield of UK banking litigation & regulation.

Get More Information
 

Banking Litigation & Regulation Forum 2020Event

Delivers the key insights and practical solutions to acutely address the complex minefield of UK banking litigation & regulation.

Get More Information
 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.