STORY FROM: Reinsurance & Arbitration

9th Cir. Says Award Should Be Vacated Due to Arbitrator’s Qualification Misrepresentations

SAN FRANCISCO — An arbitration award issued by a Financial Industry Regulatory Authority panel should be vacated because an arbitrator misrepresented his qualifications, thereby prejudicing the parties’ rights to a fundamentally fair hearing as required by § 10(a)(3) of the Federal Arbitration Act, a federal appeals court has ruled.

In the opinion, the 9th Circuit U.S. Court of Appeals further held, as a matter of first impression, that the purpose of the FAA does not bar the application of equitable tolling with respect to vacatur of the award.

Move Inc. maintained an investment account with Citigroup Global Markets Inc. In ...

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