Trusts Can't Revive $101.8M Arbitration Claim At 11th Circ.
Law360 (September 24, 2018, 8:26 PM EDT) -- The Eleventh Circuit on Monday agreed with a lower court's interpretation of the Financial Industry Regulatory Authority's code when it ruled that two offshore trusts could not pursue a $101.8 million arbitration against Canadian brokerage Pictet Overseas Inc.
The three-judge panel said that while Pictet Overseas is a FINRA member, the two trusts' claims regarding an independent asset manager's theft of their investment, which had been held in a custodial account by corporate affiliate Banque Pictet, did not arise in connection with Pictet Overseas' business activities.
"Common sense dictates that FINRA and its members could not have intended to require FINRA...
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