STORY FROM: Reinsurance
Panel Did Not 'Manifestly Disregard' Law in Awarding Attorney's Fees, 4th Circuit Rules
February 21, 2012
RICHMOND, Va. - An arbitration panel did not manifestly disregard the law when it awarded four former Wachovia Securities employees $1.1 million in attorney's fees and costs under the South Carolina Frivolous Civil Proceedings Act without following the act's procedural guidelines, a federal appellate court has ruled. Wachovia Securities LLC v. Brand, et al., No. 10-2111 (4th Cir.).
On Feb. 16, the 4th Circuit U.S. Court of Appeals ruled that the arbitrators were not required to comply with FCPA procedural guidelines and their failure to do so did not rise to the level of "misconduct" or "misbehavior."
In June ...