Raymond James Needn't Arbitrate Nonclients' Suit: 4th Circ.

Law360, Los Angeles (March 8, 2013, 9:50 PM EST) -- The Fourth Circuit on Friday refused to compel arbitration in a FINRA dispute between individual investors with claims against Raymond James Financial Services Inc. arising from the purchase of allegedly fraudulent securities directly from Inofin Inc., saying the investors aren’t direct customers of RJFS.

The decision comes after U.S. District Judge Gerald Bruce Lee granted RJFS’ motion for preliminary and permanent injunction in December 2011, permanently enjoining Peter Cary, Danya Smith, Robert Barkin, Christine Spolar and the Financial Industry Regulatory Authority Inc. from arbitration proceedings against...
To view the full article, register now.