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April 1, 2002

An Appeal in Superior Court

By Gregory Bresiger

A portion of the complaint that M.H. Meyerson filed in state Superior Court in New Jersey on the NASD arbitration's decision against the firm:

The arbitrators abrogated the law with regard to Powers of Attorney and this was a clear denial of the obligations and responsibilities of the arbitrators in fulfilling their duties and in violation of the rights and entitlements of the plaintiff and in excess of the powers of the arbitration panel.

The determination by the arbitrators did not set forth any basis for setting aside the public policy with regard to the enforceability of the conditions set forth in the Powers of Attorney which, required, among other conditions, written notification of the effect of attempted revocations after a transaction or transactions has been initiated...

The failure of the arbitrators to express why they unilaterally decided to disregard the legal obligations of the defendants to give full effect to the law is a violation of the plaintiff's rights and is another basis to vacate the award.'