Jake Martin of AdvisorHub has this article, discussing a motion by UBS to vacate a substantial FINRA arbitration award entered against it by a divided panel. According to the article, one of the arbitrators (in the majority) failed to disclose his participation as plaintiff in a number of “previous lawsuits he filed against large corporations,” which UBS contends signaled potential bias against it.
One obvious question to be developed in the course of the vacatur proceedings concerns the due diligence efforts, if any, undertaken by UBS with respect to the arbitrators and whether they would have revealed the arbitrator’s litigation history.
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