Arbitration panel had authority to decide claims for unpaid vacation pay and unreimbursed business expenses

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Fiducial Investment Advisors, Inc. (“FIA”) appeals from the trial court’s confirmation of an arbitration award in favor of Troy C. Patton (“Patton”). FIA presents the following issues for review:

1. Whether the arbitration panel exceeded its authority when it determined that FIA was liable to Patton for vacation pay and unreimbursed business expenses.

2. Whether the arbitration panel’s award of attorney’s fees was procured by fraud.

Conclusion (slip op. at 17-18):  We conclude that the evidence in the record supports the trial court’s order confirming the arbitration award as to Patton’s claims for unpaid vacation pay and unreimbursed business expenses . . . FIA neither set out the elements of fraud nor explained how Patton procured the fee award by fraud [and, accordingly,] the argument is waived. Affirmed.

Key Analysis (slip op. at 17):  Ample evidence in the record shows that the arbitration panel had authority to decide Patton’s claims for unpaid vacation pay and unreimbursed business expenses. Patton was indisputably an employee of FIA. On the Form U-5 and Amended Form U-5, FIA stated that Patton had been terminated because of conduct arising from his employment with both FFS and FIA. Moreover, FIA itself made claims and requested damages in the arbitration on behalf of FFS, a non-member of the NASD.

About Bose McKinney & Evans LLP

Bose McKinney & Evans LLP is a business law firm, headquartered in Indianapolis, Indiana, serving both publicly held and privately held businesses, governmental entities and high-growth industries. Our clients include Fortune 100 companies, international manufacturers, national and regional financial institutions, agribusinesses, sports teams, university-incubated start-ups, media, utilities, cities and schools, to name a few. We strive to build strong relationships with our clients as key business advisors, to exceed expectations in the quality of our work, to be knowledgeable about our clients’ businesses and sectors, to be responsive to service needs and to continually seek to improve the delivery of client services. Our ultimate focus is on our clients.
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