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Find out how Gardner Bell's experience promoting financial and economic development initiatives both locally and abroad informs his role as an attorney. Find out more>

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On December 1, 2016, Parker Hannifin Corporation and CLARCOR Inc. announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt. The transaction has been unanimously approved by the board of directors of each company. Upon closing of the transaction, expected to be completed by or during the first quarter of Parker’s fiscal year 2018, CLARCOR will be combined with Parker’s Filtration Group to form a leading and diverse global filtration business. Bass, Berry & Sims has served CLARCOR as primary corporate and securities counsel for 10 years and served as lead counsel on this transaction. Read more here.

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Securities Law Exchange BlogSecurities Law Exchange blog offers insight on the latest legal and regulatory developments affecting publicly traded companies. It focuses on a wide variety of topics including regulation and reporting updates, public company advisory topics, IPO readiness and exchange updates including IPO announcements, M&A trends and deal news.

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Chris Lazarini Examines Confirmation of Arbitration Award Under FAA

Securities Litigation Commentator

Publications

April 12, 2016

Bass, Berry & Sims attorney Chris Lazarini examined this case in which an arbitration award was confirmed under the Federal Arbitration Act (FAA). Chris provided the analysis for Securities Litigation Commentator (SLC). The full text of the analysis is below and used with permission from the publication. If you would like to receive additional content from the SLC, please visit the SLC website to sign up for the newsletter.

Merrill Lynch, Pierce, Fenner & Smith Inc. vs. Barker, No. 1:15-cv-328 (S.D. Ohio, 2/29/16) 

*Under the Federal Arbitration Act, Award confirmation is a summary proceeding and the court must confirm the Award unless it is vacated, modified, or corrected.
**The time for seeking to vacate, modify, or correct an arbitration Award is three months after the Award is filed or delivered, while a party may seek to confirm the Award at any time within one year after the Award is made. 

This is a textbook example of how an arbitration award gets confirmed under the Federal Arbitration Act ("FAA"). When Defendant joined Merrill Lynch in 2007, he signed a Promissory Note ("Note") evidencing a forgivable loan received from the firm. The Note was modified and extended in 2009. Defendant voluntarily resigned from Merrill Lynch in 2012, owing $298,000 on the Note, which amount became due and immediately payable. When Defendant failed to meet Merrill Lynch's payment demand, the firm instituted a FINRA arbitration. The parties settled prior to the final hearing, and the settlement terms were adopted by the arbitration Panel in the Award (FINRA ID #12-04150 (Cincinnati, 5/20/14)).

Merrill Lynch filed this action seeking confirmation of the Award and entry of a final judgment. Defendant did not respond, and the Court, after issuing a show cause order, construes Merrill Lynch's motion as unopposed. The Court notes that the FAA presumes an arbitration Award will be confirmed unless the Award is vacated, modified, or corrected. The Court also notes that the three-month time period for seeking to vacate, modify, or correct the Award has passed. The Court thus finds that it must confirm the Award and enter a final judgment for Merrill Lynch.


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