This article was first published on the Securities Arbitration Alert blog, here.
For the second time in a few months, the Supreme Court has refused to take up a case involving a FINRA arbitration award.
We reported in SAA 2022-41 (Nov. 3) and blogged that the Supreme Court on October 31, 2022 denied Certiorari in Caputo v. Wells Fargo, No. 22-265, a case involving a FINRA Award. We analyzed in SAA 2022-19 (May 19) the underlying Third Circuit decision, Caputo v. Wells Fargo Advisors, LLC, No. 20-3059 (3rd Cir. May 9), reh’g den. (Jun. 17, 2022). There, a unanimous Court held that, even if a FINRA Panel’s Award was legally erroneous, this alone did not meet the stringent standard for a finding of “manifest disregard of the law.” The September 2022 Certiorari Petition in Caputo had presented these issues:
SCOTUS: The Answer is Still “No”
The Court on January 9 again declined to take up the case, denying a November 2022 Petition for Rehearing filed by Caputo. As usual, SCOTUS provides no explanation.
(ed: *The case appears on page 19 of the Order List. **The FINRA case is FINRA ID No. 15-0204 (Newark, NJ, Jul. 26, 2019). ***We had thought the Court might want to take up issue # 3.)
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