ARS Investor Seeks To Dump FINRA As Arbitrator

Law360, New York (November 19, 2009, 1:41 PM EST) -- Ordered to arbitrate its dispute with Citigroup Inc.’s brokerage division over the sale of $41 million of worthless auction rate securities, Braintree Laboratories Inc. is trying to avoid holding the proceeding before a Financial Industry Regulatory Authority panel that the plaintiff says favors the accused.

Braintree Labs on Wednesday urged Judge Nathaniel M. Gorton of the U.S. District Court for the District of Massachusetts to clarify his arbitration order and stipulate that the plaintiffs may pursue arbitration at a forum other than FINRA, noting the authority’s...
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