District Of Colorado Affirms Finra Arbitration Award

A Colorado federal court affirmed a FINRA arbitration award, despite a cross-motion to vacate the award on the bases of alleged panel misconduct; exceeding its powers; manifest disregard of the law; and that the award did not contain a showing as to how the evidence justifies the award.

First, the Court rejected defendant's argument that the Panel's refusal to grant a second continuance did not amount to misconduct. Following the first continuance, defendant was given ample time – three months – to obtain new counsel and have them prepare for the hearing.

Second, the Court also rejected defendant's argument that the panel exceeded its powers by hearing and ruling on claims that were beyond the Panel's jurisdiction under FINRA rules. The Court reasoned that, "because it was for the Panel and not this Court to decide whether Plaintiff's claims fell within Rule 12206(a)'s six-year time frame, the Court reject[ed] Defendant's invitation to second-guess the