A.G. Edwards & Sons v. McCollough

967 F.2d 1401 (1992)

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A.G. Edwards & Sons v. McCollough

United States Court of Appeals for the Ninth Circuit
967 F.2d 1401 (1992)

EP

Facts

William and Jeanene McCollough (plaintiffs) invested with broker A. G. Edwards & Sons, Inc. (Edwards) (defendant). The parties agreed to arbitrate disputes. After a loss in their investment, the McColloughs initiated claims for violations of the Racketeer Influenced and Corrupt Organizations Act, securities, and consumer protection. The claims were submitted to the New York Stock Exchange Director of Arbitration. Edwards asserted 14 affirmative defenses, two of which the McColloughs argued were meritless. The arbitration award was issued in favor of Edwards, with no reasoning provided for the decision. Edwards moved the federal court to uphold the award. The McColloughs moved to vacate the award, arguing that the arbitrators did not consider material evidence and that the award was based on Edwards’s meritless defenses. The court vacated the award and remanded the case for a new arbitration.

Rule of Law

Issue

Holding and Reasoning (Per curiam)

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