Legal Opinion
Michael Magruder v. Fidelity Brokerage Services
Court of Appeals for the Seventh Circuit
Decided March 17, 2016No. 15-1846PublishedCited by 23 opinions
1Opinion of the Court
EASTERBROOK, Circuit Judge.
Michael Magruder bought 940,000 shares of Bancorp International Group (Bancorp) through his account at Fidelity Brokerage Services. He paid $9,298 and some years later asked Fidelity to deliver a certificate showing his ownership of the shares. When Fidelity did not comply, Magruder initiated arbitration through the Financial Industry Regulatory Authority (FINRA). Magruder and Fidelity chose simplified arbitration (see FINRA Rules 12401, 12800). In a simplified arbitration, the arbitrator cannot award more than $50,000 in damages or order specific performance that…
2Cases cited12 opinions
- Kokkonen v. Guardian Life Insurance Co. of AmericaSupreme Court of the United States · 1994
- Steel Co. v. Citizens for a Better EnvironmentSupreme Court of the United States · 1998
- Moses H. Cone Memorial Hospital v. Mercury Construction Corp.Supreme Court of the United States · 1983
- Vaden v. Discover BankSupreme Court of the United States · 2009
- Barry C. Cosgrove, Cross-Appellee v. Joseph Bartolotta and Mary-Bart, Llc, Doing Business as Bartolotta's Lake Park BistroCourt of Appeals for the Seventh Circuit · 1998
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3Cited by23 opinions
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- United States v. Rakesh WahiCourt of Appeals for the Seventh Circuit · 2017
- Ortiz-Espinosa v. BBVA Securities of Puerto Rico, Inc.Court of Appeals for the First Circuit · 2017
- Alethia McCormick v. America Online, Inc.Court of Appeals for the Fourth Circuit · 2018
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