A U.S. appeals court on Monday said a federal judge must reconsider her rulings upholding 177 individual arbitration awards against IT services company DST Systems Inc over a $400 million loss to its employee 401(k) plan.
A unanimous three-judge panel of the 8th U.S. Circuit Court of Appeals said that in light of a March U.S. Supreme Court ruling that limited federal court review of arbitrators’ decisions, the judge may not have had the power to take up petitions to confirm the awards totaling $12 million against DST…
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