2nd Circ. Prods Credit Suisse Over ARS Award Protest

Law360, New York (March 28, 2011, 3:02 PM EDT) -- Credit Suisse Securities (USA) LLC faced stiff scrutiny from a Second Circuit panel Thursday as it argued that an arbitrator who ruled against it in a roughly $400 million contract fight with STMicroelectronics NV over auction rate securities failed to make important disclosures.

Judge Gerard E. Lynch asked a lawyer for the Swiss financial firm, Andrew L. Frey of Mayer Brown, during arguments in the U.S. Court of Appeals for the Second Circuit whether the arbitrator was obligated to inform parties that he had participated extensively...
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