This case was an effort to strip away a valid and significant legal defense in the context of arbitration
Fort Lauderdale, Fla. (PRWEB) May 29, 2013
In an opinion released on May 16, 2013, the Florida Supreme Court held that statutes of limitation do apply in arbitrations. In Raymond James Financial Services, Inc. v. Barbara J. Phillips, etc. et al, the Court held that arbitrations are “actions,” and that statutes of limitation apply regardless of whether they are specifically mentioned in the arbitration agreement. This decision will likely have far-reaching effects well beyond the securities industry.
“This case was an effort to strip away a valid and significant legal defense in the context of arbitration,” said attorney Alex J. Sabo, of Bressler Amery & Ross, P.C. "By this decision, the Florida Supreme Court rebuffed that insupportable effort and tacitly reaffirmed the requirement that arbitrators follow the law in resolving disputes."
Mr. Sabo co-authored an amicus brief on behalf of the Florida Securities Dealers Association, Inc., the oldest and largest state securities association in the U.S. Many cases that arose out of the economic downturn may now be untimely because of statutes of limitation.
"Not only will this decision apply to securities cases, but to all arbitrations. And while the Court’s decision may not be binding upon courts in other states, it is certainly considered to have great significance," said attorney Alex J. Sabo, of Bressler Amery & Ross, P.C.
With over 100 lawyers and offices in New York, New Jersey and Florida, Bressler, Amery & Ross, P.C. offers a broad range of legal services. We represent Fortune 500 corporations, midsize and smaller privately held companies, brokerage firms, banks, franchises, insurance companies, nonprofit institutions and individuals. We have grown in large measure by referrals from satisfied clients and from attorneys outside the firm who know of our reputation or have seen us in action.
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