BofA Needn't Arbitrate Client Poaching Case: 8th Circ.

Law360, New York (August 26, 2010, 7:09 PM EDT) -- UMB Financial Services Inc. has failed to convince a federal appeals court to overturn a lower court decision and force an arbitrator to hear Bank of America NA's lawsuit over clients poached by five wealth managers who decamped for UMB.

Though the bank's subsidiary, Banc of America Investment Subsidiaries, is a member of the Financial Industry Regulatory Authority, which forces arbitration in some cases, Bank of America itself cannot be forced to arbitrate, the U.S. Court of Appeals for the Eighth Circuit said Thursday.

Bank of...
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