Lloyd v. J.P. Morgan Chase, No. 13-3963 (2d Cir. 2015)
Annotate this CasePlaintiffs, former employees of Chase, filed a putative class action alleging violations of state and federal overtime laws. The district court denied Chase's motion to compel arbitration. The court affirmed, concluding that the arbitration clause in the employment contracts cover only claims or controversies “required to be arbitrated by the FINRA Rules.” The court agreed with the district court's ruling that it thus incorporated the arbitrability restrictions of the FINRA Code of Arbitration Procedure for Industry Disputes (FINRA Rules) and the district court's application of the current version of FINRA Rule 13204, which prohibits arbitration of claims brought as putative class or collective actions.
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