Move Inc. v. Citigroup Global Markets Inc.
Published: May 23, 2015 | Result Date: Sep. 22, 2014 | Filing Date: Jan. 1, 1900 |Case number: 2:14-cv-04418-JFW-E Bench Decision – Dismissal
Court
USDC Central
Attorneys
Plaintiff
Michael G. King
(Hennelly & Grossfeld LLP)
Defendant
Fred A. Rowley Jr.
(Wilson Sonsini Goodrich & Rosati)
Achyut J. Phadke
(Munger, Tolles & Olson LLP)
Facts
Move Inc. sued Citigroup Global Markets Inc. seeking to vacate a FINRA arbitration award.
Contentions
PLAINTIFF'S CONTENTIONS:
Move Inc. alleged that Citigroup Global Markets Inc. made misrepresentations and mismanaged Move's funds when it wrongfully invested 75 percent of Move's funds in speculative investments. The dispute proceeded to arbitration before FINRA pursuant to the parties' agreement. The panel denied Move's claims. One of the members of the three person arbitration panel lied about being a lawyer and impersonated a retired attorney. Move sought to vacate the arbitration award based on the arbitrator's misrepresentations about his qualifications.
Result
The court concluded that the Move was entitled to equitable tolling but found that Move's rights were not prejudiced by the misrepresentations, nor did the misconduct violate the parties' arbitration agreement. It declined to vacate the award.
Other Information
FILING DATE: June 9, 2014.
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