Split 2nd Circuit Affirms Effective Vindication Ruling In ERISA Arbitration Row

Mealey's (May 2, 2024, 3:46 PM EDT) -- NEW YORK — In a 2-1 ruling on a high-profile Employee Retirement Income Security Act issue, a Second Circuit U.S. Court of Appeals panel on May 1 upheld denial of a motion for individual arbitration over an Employee Stock Ownership Plan (ESOP) deal, with the majority applying the effective vindication exception as three other circuits did “in closely analogous cases” and asserting that “this is not actually a class action.”...

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