A divided U.S. appeals court panel on Thursday reinstated a $4 million arbitration award for a former Citigroup Global Markets Inc broker who alleged he was fired for threatening the bank with legal action, saying the judge who vacated the award had no grounds to do so.
The 11th U.S. Circuit Court of Appeals, in a 2-1 ruling, said the role of courts in reviewing arbitrators’ decisions is extremely limited, and Citi did not “get a mulligan in federal court” merely because it identified a possible legal error in an arbitration panel’s ruling in favor of the broker, Christian Gherardi.
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