PaineWebber Appeal Rejected by Supreme Court

Published Friday, October 25, 2002

Completing “bucking” its trend of supporting arbitration over litigation, the U.S. Supreme Court rejected a UBS PaineWebber appeal of a decision that the firm claims allows clients to circumvent arbitration agreements they had previously signed. The ruling has “serious ramifications” for brokers and firms, according to attorney Mark Astarita of the New York-based firm Beam & Astarita. The high court decision impacts brokers and firms based in Ohio, but according to Astarita, “If a judge in New York or Michigan or any other state has to rule on this issue, he could base his decision on this current ...

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