United States Second Circuit
Citigroup Global Markets Inc. v. Abbar, 13-2172
The district court's judgment permanently enjoining arbitration of defendant-investor's claims against a New York subsidiary of Citigroup, Inc. under the Financial Industry Regulatory Authority (FINRA) is affirmed, where: 1) in the absence of an agreement to arbitrate, FINRA arbitration is available only to customers of FINRA members; 2) defendant held his investments with a foreign Citigroup entity; 3) he purchased no goods or services from the New York subsidiary; and 4) he is therefore not a customer of the New York entity and cannot compel FINRA arbitration against it.
Appellate Information
- Decided 08/01/2014
- Published 08/01/2014
Judges
- JACOBS
Court
- United States Second Circuit