Broker Can't Dodge Arbitration With Class Action: Judge

Law360, New York (January 16, 2013, 6:10 PM EST) -- A stockbroker can't use a class action to avoid arbitration of his overtime wage claims against brokerage Bishop Rosen & Co. Inc., a New York state judge ruled Wednesday in a case over the hotly contested issue.

The former Bishop Rosen stockbroker, Roger Spann, can't use the "magical words of 'similarly situated'" to skirt a Financial Industry Regulatory Authority rule that prohibits the regulatory body from hearing class actions, even though Spann's employment agreement called for the arbitration of all employment-related disputes under the "auspices" of...
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