A federal district court in California confirmed a FINRA arbitration award last month in a lawsuit by Global eBusiness against its broker for alleged mishandling of Global's margin account. Overall, the court found that Global failed to live up to its burden to justify vacating the award on either of the two grounds asserted. First, the court observed that Global provided no evidence that the panel failed to evaluate evidence pertinent and material to its claims and concluded the procedural decisions complained of were well within the arbitrators' broad discretion. Second, Global neglected to identify any governing law that the panel allegedly misapplied or disregarded. As an aside, the court likewise dismissed Global's arguments for vacatur based on the California Code of Civil Procedure because it likely did not apply to the dispute, nor did Global provide sufficient support for their arguments thereunder.
Global eBusiness Servs., Inc. v. Interactive Brokers LLC, Case No. 16-1264 (N.D. Cal. Oct. 30, 2017).
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