5th Circ. Reinstates Broker Atty Fees In Bond Deal Suit

Law360, New York (February 17, 2010, 3:27 PM EST) -- A federal appeals court has reinstated an arbitration award to a Texas broker-dealer in a securities fraud spat, reversing a magistrate judge who had vacated the award after finding that the arbitrator broke the law by awarding direct attorneys' fees.

In an opinion issued Feb. 11, the U.S. Court of Appeals for the Fifth Circuit reinstated an arbitration award for Houston-based IMS Securities Inc. and its broker Leonard Claus relating to the company's bond sales deal gone bad with Sterling Financial Investment Group Inc. and Institutional...
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