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Grandon v Merrill Lynch & Co., ___F.3d ____(2nd Cir. 1998)

Broker-Dealers have a duty to disclose markups on municipal bonds when those markups are excessive,

Halligan vs. Piper Jaffray, ___F.3d ___, (2d Cir. 1998)

Arbitrator Awards can be reversed for manifest disregard of the law - or of the evidence.

Matter of Alpha Bytes Computer Corp. v. Slaton, Sup.Ct., New York Co., NYLJ 5/1/98, Justice York.

Punitive damages award is upheld. "If the parties to an arbitration contract agree to refer punitive damages claims to the

arbitrator, the FAA ensures that their agreement will be enforced according to its terms even if a rule of state law would

otherwise exclude such claims from arbitration."

Matter of D.H. Blair & Co. v. Massimi, Sup.Ct., New York Co., NYLJ 4/9/98, Justice Bransten

Arbitration not stayed for brokerage facing criminal inquiry

Prudential Securities Incorporated v. Brigianos, 1st Dept 9/30/97 (NYLJ 10/2/97)

Arbitration subpoena served on non-party held to violate his Fifth Amendment privilege against self-incrimination and is

quashed. By Sullivan, J.P.; Nardelli, Williams and Tom, JJ.

Montes vs. Shearson Lehman Brothers. Inc., ___ F.3d ___ (11th Cir. 1997)

Manifest disregard of the law can be a basis for overturning an arbitration award

New York State Arbitration Decisions

The vast majority of securities arbitration cases are decided under New York law. Here is a collection of the most recent

decisions from the New York Courts.

Glennon vs. Dean Witter Reynolds

Qualified Privilege for U-5 Statements

http://www.seclaw.holowww.com/offsite.holoredirect?http://www.law.cornell.edu/ny/ctap/I97_0215.htm

Arbitrators decide eligibility

First Central Bank of Denver vs. First Interstate Bank of Denver, 114 S.Ct. 1439, 128 L.Ed.2d 119, 62 USLW 4230, Fed. Sec. L.

Rule 10b-5 does not include liability for aiding and abetting.

United States vs. O'Hagan

Supreme Court decision upholding the use of the misappropriation theory in insider trading cases.

Gustafson v. Alloyd Co., 115 S. Ct. 1061, 131 L. Ed. 2d 1 (1995).

Section 12(2) of the '33 Act does not extend to a private sale contract. Dissent, by Justice Thomas, with Scalia, Ginsburg,

and Breyer joining; and by Justice Ginsburg, with Breyer joining.

Plaut v. Spendthrift Farm, Inc., 115 S. Ct. 1447, 131 L. Ed. 2d 328 (1995)

Congress' attempt to end-run Lampf is stricken as unconstitutional by the Supreme Court. Justice Thomas dissented.

Mastrobuono v. Shearson Lehman Hutton, Inc., 115 S. Ct. 1212, 131 L. Ed. 2d 76 (1995).

If contracting parties agree to include punitive damages claims within the issues to be arbitrated, the FAA ensures that

their agreement will be enforced according to its terms even if a rule of state law would otherwise exclude such claims

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Copyright 2008. VGIS Communications LLC. All Rights Reserved. VGIS Communications, LLC - 41 Watchung Plaza, Suite 249, Montclair, New Jersey 07042 - 973-509-7333. Nothing herein is intended as legal or financial advice. The law is different in different jurisdictions, and the facts of a particular matter can change the application of the law. Please consult an attorney or your financial advisor before acting upon the information contained in this article. For additional information, contact Mark J. Astarita, Esq., a partner in the law firm of Beam & Astarita, LLC, who represents financial professionals in a wide variety of matters. Mr. Astarita can be contacted by email at astarita@beamlaw.com.

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