Takeaway: It is always important to remember when preparing for arbitration that arbitrators have vast discretion to make decisions based on their own interpretation of legal and factual principles. When a party is faced with a dispute and is required to base its case on a particular interpretation of the law, it is critical to ensure the arbitrator has a clear understanding of the law, the facts and where the dispute may lie. If a party does not ensure these areas are clear to the arbitrator, the decision will be nearly impossible to later challenge. This is not only because the standard for challenging arbitral review is so high, but also because an arbitrator cannot be said to have ignored a legal position if a party never specifically presented it.
When an employer could not meet the exceedingly difficult burden of demonstrating an arbitrator acted with manifest disregard of the law, an employee who alleged wrongful termination was permitted to receive an arbitral award in excess of $1.1 million, despite working and filing a claim in an at-will employment state.
In the context of the Financial Industry Regulatory Authority (FINRA), and its unique provisions, brokers may have their terminations arbitrated with a just cause requirement. This is not the case in all professions but is often present in highly regulated industries.
In this case, a securities broker claimed wrongful termination without just cause against his former employer and a related corporation. Under...
President Lee Jae-myung speaks at a Cabinet meeting held at Cheong Wa Dae on October 13. President Lee Jae-myung called for a stern response to the spread of false information regarding eggs rece...