Advest, Inc. v. McCarthy
United States Court of Appeals for the First Circuit
914 F.2d 6 (1990)
- Written by Catherine Cotovsky, JD
Facts
Patrick McCarthy (plaintiff) filed an arbitration claim against his former broker, Advest, Inc. (Advest) (defendant), for sending misleading mailgrams that initiated a series of events that ultimately led to Advest selling off a sizable portion of McCarthy’s shares without McCarthy’s authorization. McCarthy’s claims were arbitrated by a three-member panel, who decided in favor of McCarthy and awarded him cash relief and restoration of most of his previously liquidated stock. Advest filed an appeal in district court and moved to vacate the arbitration panel’s award to McCarthy. Advest’s motion asserted that there was no rational way to find that the mailgrams were misleading and that the award of stock restoration was improper. The district court denied Advest’s motion, and Advest appealed. At oral arguments before the First Circuit, Advest walked back its assertions regarding the mailgrams, admitting that the mailgrams might be seen as misleading, thereby limiting the appellate court’s analysis to the arbitration panel’s award of stock restoration.
Rule of Law
Issue
Holding and Reasoning (Selya, J.)
What to do next…
Here's why 832,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 46,500 briefs, keyed to 994 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.
