Chap005Cases

The Legal and Regulatory Environment of Business

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Case 05 Case 5-1 (Chapter 5, p. 135) HOWSAM v. DEAN WITTER REYNOLDS, INC. 123 S.Ct. 588 (2002) FACTS: As a client of the Dean Witter Reynolds brokerage firm, Karen Howsam invested in four limited partnerships. These investments were made between 1986 and 1994. The client agreement signed by Howsam required all disputes with Dean Witter Reynolds to be arbitrated. When she lost money on her investments Howsam filed for arbitration claiming that Dean Witter Reynolds had misrepresented the investments in the limited partnerships. The NASD’s arbitration agreement has a six-year statute of limitations. Dean Witter Reynolds filed a lawsuit seeking to have the arbitration submission enjoined since the statute of limitations had run out. ISSUE: Who, a judge or an arbitrator, makes the decision concerning the application of a statute of limitations to an arbitration proceeding? DECISION: The arbitrator. REASONS:
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Chap005Cases - Case 05 Case 5-1 (Chapter 5, p. 135) HOWSAM...

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