On October 24, 2019, Marie Mirch was successful in an appeal where the Ninth Circuit Court of Appeals reversed the District Court’s denial of the Claimant’s Motion to Vacate Arbitration Award, holding the FINRA Arbitrator’s denial of a motion to continue the arbitration was improper, this giving the Claimaint the right to return to FINRA to adjudicate his claims against JP Morgan Chase.
Sayre alleged in his arbitration claim filed in 2015 that his managers “set him up” for firing because he complained internally after he was instructed to destroy marketing materials allegedly to avoid liability in a federal investigation of the bank’s sale of collateralized derivative products.
The appellate court’s decision does not address the allegations, but lawyers said that any decision to vacate an arbitration award is notable. The federal court system gives strong deference to the arbitration process, and permits vacature primarily on procedural grounds.
“There must have been a blue moon because this result is that rare,” said Jeffrey K. Riffer, a securities lawyer with Elkins Kalt Weintraub Reuben Gartside LLP in Los Angeles, who was not involved in Sayre’s case.