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According to FINRA, Through July 2023, there were 1,914 new cases filed for arbitration. 163 customer claimant cases had been decided through July 2023 and in 26% of those cases, customers were awarded damages. [53] [54] [48] FINRA rates any positive award to a customer as a win for the customer, regardless of the magnitude of losses or legal fees.
In October 2010, Archinaco obtained a FINRA arbitration award of $925,000 for whistleblower Michelle Ford. Ford had complained to her employer about what she believed were prohibited transactions in a 401(k) plan and improper sales of annuities. After she complained to superiors, she was retaliated against, culminating in her termination.
Discover Bank v. Superior Court (113 P. 3d 1100 (Cal. 2005)): Held a class action waiver in an arbitration clause unconscionable when disputes will involve small amounts of damages and are part of a scheme by a company with superior bargaining power to deliberately cheat many consumers (the "Discover Bank test").
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Petitioners moved to compel individual arbitration under the Federal Arbitration Act (FAA), but respondents countered that the cost of expert analysis necessary to prove the antitrust claims would greatly exceed the maximum recovery for an individual plaintiff. The District Court granted the motion and dismissed the lawsuits.
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Case history; Prior: Defendant's motion for stay to compel arbitration granted in district court; affirmed on appeal by Second Circuit; certiorari granted: Holding; Challenge to enforceability of contract must be decided by arbitrator when contract has arbitration clause unless challenge is to clause itself.
Circuit City Stores, Inc. v. Adams, 532 U.S. 105 (2001), was a United States Supreme Court case that concerned whether the "section one exemption" of the Federal Arbitration Act applied to an employment contract of an employee at Circuit City Stores. The Court held that the exemption was limited to the specific listing of professions contained ...