United States DC Circuit

Confirmation of an arbitration award which required appellants, a securities firm and an executive, to pay compensatory damages to a former customer for subjecting his account to unauthorized trading and churning is affirmed over claims that: 1) under the terms of a margin agreement, a failure to timely object in writing to the unauthorized trades effectively ratified the trades; 2) there was a failure to mitigate or minimize damages; and 3) the arbitrators manifestly disregarded the law by holding the executive vicariously liable.

Appellate Information

• Argued 11/18/2005
• Decided 07/18/2006
• Published 07/18/2006

Judges

• Before:  GINSBURG, Chief Judge, and GARLAND and BROWN, Circuit Judges.

Court

• United States DC Circuit

Counsel

• For Appellees:
  
• Robert S. Churchill argued the cause for appellant/cross-appellee Oscar Gruss and Son, Inc. With him on the briefs was Lisa Freiman Fishberg.   Barry Coburn entered an appearance., Daniel M. Press argued the cause and filed the brief for appellee/cross-appellant Philip Wagenheim., Richard A. Stephens argued the cause and filed the brief for appellee David S. Kurke.