Court Denies Petition to Vacate Arbitration Award Based on Judicial Estoppel

[Editor's note: Rachel J. Schwartz of Carlton Fields in New York represents property and casualty insurance industry clients in litigation, and counsels them on varied coverage matters, including coverage disputes arising under Commercial General Liability and Directors & Officer policies.]

This case arises out of plaintiff John B. Napoleone’s failure to repay a sign-on bonus of $100,000 to his former employer, defendant S2K Financial LLC, under the terms of his employment agreement.

S2K commenced an arbitration to recover the sign-on bonus by filing a statement of claim with the Financial Industry Regulatory Authority.

FINRA informed the parties that the …