UBS, Citi Must Arbitrate Health Co.'s Bond Claim: 4th Circ.

Law360, New York (January 23, 2013, 8:35 PM EST) -- UBS AG and Citigroup Inc. units must arbitrate a dispute with Carilion Clinic over multimillion-dollar bond issues because the health care provider is a customer under rules enacted by the Financial Industry Regulatory Authority, of which the units are members, the Fourth Circuit said Wednesday.

In affirming a lower court decision that denied UBS Financial Services Inc. and Citigroup Global Markets Inc.'s bid to block the arbitration proceedings sought by Carilion, a three-judge panel concluded that FINRA's definition of a customer refers to someone, not a...
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