Cisco Founders Fail To Nix Award To Investment Guru

Law360, New York (July 24, 2009, 3:20 PM EDT) -- A federal appeals court has ruled that the founders of Cisco Systems Inc. failed to demonstrate that an arbitration panel exceeded its authority when it awarded about $25 million to their former investment manager in a dispute over the dissolution of two investment partnerships.

In a decision Thursday, a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit said Leonard Bosack and Sandy Lerner cannot claim the benefits of expanded judicial review simply because the award was unfavorable.

The appeals court ruling affirmed...
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