Brokerage Seeks To Block $100M FINRA Arbitration Attempt

Law360, New York (October 24, 2013, 6:25 PM EDT) -- Canadian brokerage Pictet Overseas Inc. launched suit Wednesday in Florida federal court to block two offshore trusts from proceeding with a Financial Industry Regulatory Authority arbitration against Pictet and others seeking more than $100 million in actual and punitive damages.

Montreal-based Pictet Overseas contends that it has never had any agreement to arbitrate with the St. Lucia-based offshore trusts Helvetia Trust and AAA Group International Trust nor were the trusts actual customers of Pictet so it shouldn’t be subjected to the FINRA arbitration, according to the...
To view the full article, register now.