STORY FROM: Reinsurance & Arbitration

N.Y. Federal Judge Vacates Arbitration Award, Finding Compliance Would Be Impossible, Illegal

NEW YORK — A New York federal judge has ruled that an arbitration award requiring a broker to purchase a holding company’s shares for its client should be vacated because it is currently impossible and illegal for the broker to comply with the award.

In a Sept. 30 order, Judge Paul A. Crotty of the U.S. District Court for the Southern District of New York adopted a magistrate judge’s findings that compliance with the award is prohibited because a global lock has been placed on all of the holding company’s shares, making it illegal to purchase them on the open ...

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